Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — Citi Global Healthcare Conference 2012
78 slides from Novo Nordisk A/s Class B's conference presentation, Feb 27, 2012
Slide 1: Citi Global Healthcare Conference, 27 February 2012
Slide no 1 Investor Presentation Citi Global Healthcare Conference, 27 February 2012
Slide 2: Forward-looking statements
Investor presentation Citi Global Healthcare 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 2011 and Form 20-F, both expected to be file
Slide 3: Content
Investor presentation Citi Global Healthcare Conference Slide no 3 Content Highlights and key events Sales update R&D update Financials and outlook
Slide 4: Highlights - full year 2011
Investor presentation Citi Global Healthcare Conference Slide no 4 Highlights - full year 2011 Sales development • Sales increased by 11% in local currencies driven by Victoza® and modern insulins • Victoza® sales reached DKK 5,991 million (growth of 159% in DKK) • Healthcare reforms impacted sales
Slide 5: Victoza and modern insulins continue to drive growth
Investor presentation Citi Global Healthcare Conference Slide no 5 Victoza® and modern insulins continue to drive growth – full year 2011 Sales as reported Growth analysis Other Local currencies Growth Share of Norditropin® +13% growth +5% 4% Modern insulins 11% 41% 8% Human insulins (8%) (14%) Novo
Slide 6: North America continues to drive sales growth
Investor presentation Citi Global Healthcare Conference Slide no 6 North America continues to drive sales growth – full year 2011 Sales as reported Growth analysis Region China Local currencies Growth Share of +11% growth Japan & Korea North America 18% 61% +10% 8% Europe 2% 6% 9% North America Inte
Slide 7: Novo Nordisk continues to expand leadership position within diabetes care
Investor presentation Citi Global Healthcare Conference Slide no 7 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 30% Takeda Merck No
Slide 8: Victoza reached blockbuster status in 2011
Investor presentation Citi Global Healthcare Conference Slide no 8 Victoza® reached blockbuster status in 2011 Reported Victoza® sales Victoza® sales split per region DKK North America Europe billion Int. Operations Japan & Korea 5% 6% 27% 62% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 FY 2011 sales of DKK 6.0 bill
Slide 9: Victoza continues to drive the growth of the GLP-1 class in the US
Investor presentation Citi Global Healthcare Conference Slide no 9 Victoza® continues to drive the growth of the GLP-1 class in the US Expansion of the GLP-1 market Key observations for the US market GLP-1 TRx scripts (thousands) GLP-1 % of diabetes market value (right axis) • Close to 70% of new pa
Slide 10: In key European markets Victoza has expanded the GLP-1 class
Investor presentation Citi Global Healthcare Conference Slide no 10 In key European markets Victoza® has expanded the GLP-1 class to nearly 10% of the diabetes market Development in key European GLP-1 markets following Victoza® launch Germany UK France Market value*: DKK 10 billion Market value*: DK
Slide 11: Degludec and DegludecPlus regulatory update
Investor presentation Citi Global Healthcare Conference Slide no 11 Degludec and DegludecPlus regulatory update • New drug applications (NDA) submitted to FDA on 29 September 2011 USA • FDA review ongoing, PDUFA action date set for 29 July 2012 • NDA submitted to EMA on 26 September 2011 EU • EMA re
Slide 12: Research and Development update
Investor presentation Citi Global Healthcare Conference Slide no 12 Research and Development update Diabetes care and obesity • Degludec and DegludecPlus regulatory process progressing according to plan in Europe, US, Japan1 Switzerland and Canada • In two 52+52 weeks extension trials2 in people wit
Slide 13: Financial results – full year 2011
Investor presentation Citi Global Healthcare Conference Slide no 13 Financial results – full year 2011 DKK million 2011 2010 Change Sales 66,346 60,776 9% Gross profit 53,757 49,096 9% Gross margin 81.0% 80.8% Sales and distribution costs 19,004 18,195 4% Percent of sales 28.6% 29.9% Research and de
Slide 14: Cash generated is returned to shareholders in form of dividends and share buybacks
Investor presentation Citi Global Healthcare Conference Slide no 14 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 billion
Slide 15: Financial outlook 2012
Investor presentation Citi Global Healthcare Conference Slide no 15 Financial outlook 2012 Expectations 2 February 2012 Sales growth - local currencies 7-11% Around 4 percentage points higher than Sales growth - reported growth in local currencies Operating profit growth - local Around 10% currencie
Slide 16: Closing remarks
Investor presentation Citi Global Healthcare Conference Slide no 16 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 • 24% market share in di
Slide 17: Investor information
Investor presentation Citi Global Healthcare Conference Slide no 17 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
Slide 18: Appendix
Investor presentation Citi Global Healthcare Conference Slide no 18 Appendix 1. Novo Nordisk at a glance 2. Diabetes 3. Biopharmaceuticals 4. Financials
Slide 19: Novo Nordisk at a glance
Investor presentation Citi Global Healthcare Conference Slide no 19 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 lin
Slide 20: Novo Nordisk has leading positions in diabetes, haemophilia and growth disorders
Investor presentation Citi Global Healthcare Conference Slide no 20 Novo Nordisk has leading positions in diabetes, haemophilia and growth disorders Diabetes care Haemophilia hGH DKK Market value DKK Market value DKK Market value billion Novo Nordisk market share billion Novo Nordisk market share bi
Slide 21: Double digit top line growth driven by diabetes pandemic
Investor presentation Citi Global Healthcare Conference Slide no 21 Double digit top line growth driven by diabetes pandemic Novo Nordisk reported quarterly Number of people with diabetes sales by therapy continues to grow DKK Million billion Diabetes care Haemophilia Growth disorders Other people N
Slide 22: Diabetes pandemic is fuelled by growing rates of obesity
Investor presentation Citi Global Healthcare Conference Slide no 22 Diabetes pandemic is fuelled by growing rates of obesity US CDC data on obesity and diabetes prevalence among adults 1994 2000 2009 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
Slide 23: Insulin is the ultimate care for people with diabetes
Investor presentation Citi Global Healthcare Conference Slide no 23 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
Slide 24: Novo Nordisk strategic injectable therapies exhibit steady sales growth
Investor presentation Citi Global Healthcare Conference Slide no 24 Novo Nordisk strategic injectable therapies exhibit steady sales growth Sales as reported Key growth drivers DKK billion • Steady growth in global diabetes prevalence • Clear strategic focus on expanding and Total: achieving leaders
Slide 25: Global insulin volume continues to grow as the diabetes pandemic expands
Investor presentation Citi Global Healthcare Conference Slide no 25 Global insulin volume continues to grow as the diabetes pandemic expands Number of people with diabetes Regional insulin volume growth continues to grow North America China Million people North America Europe China Europe Internatio
Slide 26: Only company with a full portfolio of modern insulins
Investor presentation Citi Global Healthcare Conference Slide no 26 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 Nov 2011 expiration Fast-acting EU: 1999 12.8 bDKK EU: 2017* 47% ins
Slide 27: Significant growth opportunities fuelled by strong R&D pipeline
Investor presentation Citi Global Healthcare Conference Slide no 27 Significant growth opportunities fuelled by strong R&D pipeline Diabetes care Degludec/ NN1218 – ultra NN1953 – oral DegludecPlus fast acting insulin insulin NN9926 – oral IdegLira Liraglutide depot GLP-1 Liraglutide for NN9924 – or
Slide 28: Strong global presence in both sales and manufacturing
Investor presentation Citi Global Healthcare Conference Slide no 28 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: ~4,200 • Formulation & fil
Slide 29: High barriers to entry in biologics
Investor presentation Citi Global Healthcare Conference Slide no 29 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 & Developmen
Slide 30: Operating profit growth targeting 15%
Investor presentation Citi Global Healthcare Conference Slide no 30 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 • On-going productivity imp
Slide 31: Operating profit after tax to net operating assets, and Free Cash flow to earnings
Investor presentation Citi Global Healthcare Conference Slide no 31 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 pro
Slide 32: Cash generated is returned to shareholders in form of dividends and share buybacks
Investor presentation Citi Global Healthcare Conference Slide no 32 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 billion
Slide 33: Diabetes
Investor presentation Citi Global Healthcare Conference Slide no 33 Diabetes
Slide 34: Diabetes – the inability to manage blood sugar levels appropriately
Investor presentation Citi Global Healthcare Conference Slide no 34 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
Slide 35: UKPDS: Tight glycaemic control reduces risk of complications
Investor presentation Citi Global Healthcare Conference Slide no 35 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
Slide 36: Insulin – a hormone enabling blood sugar to enter cells
Investor presentation Citi Global Healthcare Conference Slide no 36 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, rapi
Slide 37: The insulin market is comprised of three segments
Investor presentation Citi Global Healthcare Conference Slide no 37 The insulin market is comprised of three segments Global insulin volume market by segments Action profiles of insulins tMU CAGR volume: 7.7% CAGR value*: 14.0% Fast acting 33% Fast acting 32% Premix 30% Premix 35% Long acting 37% Lo
Slide 38: Sustained double-digit insulin market growth
Investor presentation Citi Global Healthcare Conference Slide no 38 Sustained double-digit insulin market growth Global insulin market growth The fundamental growth drivers 2006-2011 of the insulin market DKK billion Volume CAGR: CAGR: 6.3%* 14.0%* • Prevalence of diabetes 19.2 • Rising diagnosis ra
Slide 39: Value growth driven by conversion to modern insulins and better devices
Investor presentation Citi Global Healthcare Conference Slide no 39 Value growth driven by conversion to modern insulins and better devices 2006 North America Japan & Korea China 2011 Europe IO Global Modern insulin volume penetration Device volume penetration Note: Monthly MAT Nov 2011, volume figu
Slide 40: Maintaining insulin leadership by sustaining modern insulin market share
Investor presentation Citi Global Healthcare Conference Slide no 40 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
Slide 41: Solid insulin growth across diverse regions
Investor presentation Citi Global Healthcare Conference Slide no 41 Solid insulin growth across diverse regions Market Market volume Novo Nordisk volume value size & growth composition market share 16% Basal Novo Nordisk 47.1 5% 7% 52.7 47% North America 37% Fast-acting 59% 41% Rest Premix 23.5 3% 2
Slide 42: Significant potential on the US modern insulin market
Investor presentation Citi Global Healthcare Conference Slide no 42 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 pene
Slide 43: Solid leadership position on the European modern insulin market
Investor presentation Citi Global Healthcare Conference Slide no 43 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 pen
Slide 44: Stable leadership position on the Chinese insulin market
Investor presentation Citi Global Healthcare Conference Slide no 44 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
Slide 45: Stable leadership position in International Operations
Investor presentation Citi Global Healthcare Conference Slide no 45 Stable leadership position in International Operations International Operations insulin market by International Operation insulin volume segments market shares Modern insulin penetration Novo Nordisk Sanofi tMU Penetration Device pe
Slide 46: Sustained leadership position in Japan
Investor presentation Citi Global Healthcare Conference Slide no 46 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 16 100% 70% 14 CAGR volume
Slide 47: Phase 3a programmes for Degludec and DegludecPlus completed in less than 18 months
Investor presentation Citi Global Healthcare Conference Slide no 47 Phase 3a programmes for Degludec and DegludecPlus 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
Slide 48: BEGIN and BOOST confirm the profiles of Degludec and DegludecPlus
Investor presentation Citi Global Healthcare Conference Slide no 48 BEGINTM and BOOSTTM confirm the profiles of Degludec and DegludecPlus Degludec OD vs insulin glargine OD1 DegludecPlus BD vs NovoMix® BD2 • Basal insulin with flatter, less variable profile and • First basal-prandial combination pro
Slide 49: Degludec and DegludecPlus current phase 3b trials
Investor presentation Citi Global Healthcare Conference Slide no 49 Degludec and DegludecPlus current phase 3b trials Degludec Trial ID Comparator Purpose Participants Duration LPLV NN1250-3948 Degludec+NovoRapid® Victoza® add-on to Degludec N = 420, T2 26 weeks H2 2012 NN1250-3923 Degludec Compare
Slide 50: Assessment of the insulin industry
Investor presentation Citi Global Healthcare Conference Slide no 50 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 pressu
Slide 51: GLP-1 effect dependent on level of blood glucose
Investor presentation Citi Global Healthcare Conference Slide no 51 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 patie
Slide 52: Victoza, the only once-daily human GLP-1 analogue
Investor presentation Citi Global Healthcare Conference Slide no 52 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 weig
Slide 53: The global GLP-1 market is expanding
Investor presentation Citi Global Healthcare Conference Slide no 53 The global GLP-1 market is expanding 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 billion 5% 9 Other 8 6% Diabete
Slide 54: R&D pipeline: Diabetes and obesity
Investor presentation Citi Global Healthcare Conference Slide no 54 R&D pipeline: Diabetes and obesity Compound Type Indication Status (phase) 1 2 3 Filed Appr. Degludec Ultra-long-acting basal insulin Type 1+2 DegludecPlus Ultra-long-acting basal insulin with a bolus boost Type 1+2 IDegLira GLP-1 a
Slide 55: Biopharmaceuticals
Investor presentation Citi Global Healthcare Conference Slide no 55 Biopharmaceuticals
Slide 56: Biopharmaceuticals – global leadership in select, high-value disease areas
Investor presentation Citi Global Healthcare Conference Slide no 56 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 posit
Slide 57: Haemophilia – a significant market suited for Novo Nordisk's core strengths
Investor presentation Citi Global Healthcare Conference Slide no 57 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® Xynt
Slide 58: Haemophilia: Location of bleedings and the consequences
Investor presentation Citi Global Healthcare Conference Slide no 58 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 o
Slide 59: Characteristics of the haemophilia market
Investor presentation Citi Global Healthcare Conference Slide no 59 Characteristics of the haemophilia market • Hereditary disease with an increasing life expectancy leading to steady growing patient population • Relative few haemophilia physicians, i.e. a small target audience • Chronic disease lea
Slide 60: NovoSeven - a unique biologic for a rare bleeding disorder
Investor presentation Citi Global Healthcare Conference Slide no 60 NovoSeven® - a unique biologic for the treatment of a rare bleeding disorders Reported sales Key NovoSeven® proporties DKK billion 2.2 CAGR 7.7% • Product characteristics: powder and solvent for solution for i.v. injection, availabl
Slide 61: Characteristics of the haemophilia market
Investor presentation Citi Global Healthcare Conference Slide no 61 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
Slide 62: Vatreptacog alfa phase 2: Very low treatment failure rate
Investor presentation Citi Global Healthcare Conference Slide no 62 Vatreptacog alfa1 phase 2: Very low treatment failure rate Comparison of treatment failure2 rate between Vatreptacog alfa and rFVIIa Summary and conclusions Treatment failure rate 12% • Vatreptacog alfa was well-tolerated at all dos
Slide 63: Human growth hormone market
Investor presentation Citi Global Healthcare Conference Slide no 63 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 axis) Merck Kgaa Sandoz 40% 35% 30% CAGR volu
Slide 64: Solid Norditropin sales growth
Investor presentation Citi Global Healthcare Conference Slide no 64 Solid Norditropin® sales growth Reported Norditropin® sales Key Norditropin® properties DKK billion 1.5 • Product characteristics: Premixed, prefilled CAGR 8.4% multi-use delivery systems available in multiple strengths, some stable
Slide 65: R&D pipeline: Haemophilia and hGH
Investor presentation Citi Global Healthcare Conference Slide no 65 R&D pipeline: Haemophilia and hGH Compound Type Indication Status (phase) 1 2 3 Filed Appr. Catridecacog rFXIII Congenital FXIII deficiency Turoctocog alfa rFVIII Haemophilia A N9-GP Long-acting rFIX derivative Haemophilia B Vatrept
Slide 66: Inflammation well suited to leverage Novo Nordisk's core capabilities
Investor presentation Citi Global Healthcare Conference Slide no 66 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 autoi
Slide 67: R&D pipeline: Inflammation
Investor presentation Citi Global Healthcare Conference Slide no 67 R&D pipeline: Inflammation Compound Type Indication Status (phase) 1 2a 2b 3 Filed Appr. Anti-NKG2D Monoclonal antibody Rheumatoid arthritis Anti-NKG2D Monoclonal antibody Crohn‟s disease Anti-IL-20 Monoclonal antibody Rheumatoid ar
Slide 68: Financial performance
Investor presentation Citi Global Healthcare Conference Slide no 68 Financial performance
Slide 69: US dollar and Japanese Yen currently above 2011 average
Investor presentation Citi Global Healthcare Conference Slide no 69 US dollar and Japanese Yen currently above 2011 average 650 Spot rates Quarterly average Annual average Currency 2010 2011 Current assumptions1 average average rate2 600 USD/DKK USD 562 535 567 550 JPY 6.42 6.73 7.39 CNY 83 83 90 50
Slide 70: Solid sales growth driven by North America and International Operations
Investor presentation Citi Global Healthcare Conference Slide no 70 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% 1
Slide 71: Solid operating profit growth driven by diabetes
Investor presentation Citi Global Healthcare Conference Slide no 71 Solid operating profit growth driven by diabetes Operating profit Operating profit therapy split DKK billion Diabetes Biopharm 54% 46% 65% 35% 2007 2011 Note: Excl. cost related to discontinuation of all pulmonary activities in 2007
Slide 72: Profitability per segment
Investor presentation Citi Global Healthcare Conference Slide no 72 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 CO
Slide 73: Continued gross margin improvement combined with stable investment level
Investor presentation Citi Global Healthcare Conference Slide no 73 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
Slide 74: Growing profits converted into free cash flow
Investor presentation Citi Global Healthcare Conference Slide no 74 Growing profits converted into free cash flow Net profit Free cash flow (absolute) DKK DKK billion DKK billion Free cash flow Free cash flow as % of net profit 20 140% 18 120% 16 14 100% 12 80% 10 60% 8 6 40% 4 20% 2 0 0% 2007 2008
Slide 75: Long term financial targets: Operating profit growth and operating margin
Investor presentation Citi Global Healthcare Conference Slide no 75 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 l
Slide 76: Long term financial targets: Operating profit after tax to net operating assets, cash to earnings
Investor presentation Citi Global Healthcare Conference Slide no 76 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
Slide 77: Long-term financial targets
Investor presentation Citi Global Healthcare Conference Slide no 77 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
Slide 78: Stable ownership structure
Investor presentation Citi Global Healthcare Conference Slide no 78 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
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