Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — UBS Global Life Sciences Conference 2012
92 slides from Novo Nordisk A/s Class B's conference presentation, Sep 19, 2012
Slide 1: Investor presentation, UBS Global Life Sciences Conference, New York
Investor presentation UBS Global Life Sciences Conference, New York 19 September 2012
Slide 2: Forward-looking statements
Investor presentation UBS Global Life Sciences 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 filed with the SE
Slide 3: Content
Investor presentation UBS Global Life Sciences Conference Slide no 3 Content Highlights and key events Sales update R&D update Financials and outlook
Slide 4: Highlights – first six months of 2012
Investor presentation UBS Global Life Sciences Conference 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
Slide 5: North America continues to drive sales growth
Investor presentation UBS Global Life Sciences Conference 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
Slide 6: Modern insulins and Victoza continue to drive growth
Investor presentation UBS Global Life Sciences Conference 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
Slide 7: Rebound in insulin sales growth rate is sustained
Investor presentation UBS Global Life Sciences Conference 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… • An
Slide 8: Maintaining insulin leadership by sustaining modern insulin market share
Investor presentation UBS Global Life Sciences Conference Slide no 8 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 Marke
Slide 9: Novo Nordisk modern insulins' performance within their respective segments
Investor presentation UBS Global Life Sciences Conference Slide no 9 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
Slide 10: Victoza continues to exhibit solid growth
Investor presentation UBS Global Life Sciences Conference Slide no 10 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
Slide 11: Continued expansion of the US GLP-1 market
Investor presentation UBS Global Life Sciences Conference Slide no 11 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
Slide 12: Tresiba and Ryzodeg regulatory update
Investor presentation UBS Global Life Sciences Conference Slide no 12 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
Slide 13: DUAL I, the first phase 3a trial for IDegLira, completed
Investor presentation UBS Global Life Sciences Conference Slide no 13 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 H
Slide 14: Financial outlook 2012
Investor presentation UBS Global Life Sciences Conference Slide no 14 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 Operatin
Slide 15: Investor information
Investor presentation UBS Global Life Sciences Conference Slide no 15 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 Ne
Slide 16: Appendix
Investor presentation UBS Global Life Sciences Conference Slide no 16 Appendix 1. Novo Nordisk at a glance 2. Diabetes 3. Biopharmaceuticals 4. Financials
Slide 17: Novo Nordisk at a glance
Investor presentation UBS Global Life Sciences Conference Slide no 17 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 l
Slide 18: Novo Nordisk's strategic focus is based on a set of core capabilities
Investor presentation UBS Global Life Sciences Conference Slide no 18 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 car
Slide 19: Leading positions in diabetes, haemophilia and growth disorders
Investor presentation UBS Global Life Sciences Conference Slide no 19 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 Nord
Slide 20: Double digit top line growth driven by diabetes pandemic
Investor presentation UBS Global Life Sciences Conference Slide no 20 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 pe
Slide 21: Novo Nordisk continues to expand leadership position within diabetes care
Investor presentation UBS Global Life Sciences Conference Slide no 21 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 Nov
Slide 22: Diabetes pandemic is fuelled by growing rates of obesity
Investor presentation UBS Global Life Sciences 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 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
Slide 23: Insulin is the ultimate care for people with diabetes
Investor presentation UBS Global Life Sciences 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 functio
Slide 24: Only company with a full portfolio of modern insulins
Investor presentation UBS Global Life Sciences Conference Slide no 24 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% i
Slide 25: Strong global presence in both sales and manufacturing
Investor presentation UBS Global Life Sciences Conference Slide no 25 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 & f
Slide 26: High barriers to entry in biologics
Investor presentation UBS Global Life Sciences Conference Slide no 26 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 & Developm
Slide 27: Victoza continues to expand the GLP-1 class in key European markets
Investor presentation UBS Global Life Sciences Conference Slide no 27 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 b
Slide 28: Semaglutide selected as once-weekly GLP-1 candidate to enter phase 3
Investor presentation UBS Global Life Sciences Conference Slide no 28 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-controll
Slide 29: Significant growth opportunities fuelled by strong R&D pipeline
Investor presentation UBS Global Life Sciences Conference 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 – IDegLi
Slide 30: Operating profit growth targeting 15%
Investor presentation UBS Global Life Sciences 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 Operating profit growth v
Slide 31: Operating profit after tax to net operating assets, and free cash flow targeting 90%
Investor presentation UBS Global Life Sciences 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 p
Slide 32: Cash returned to shareholders via dividends and share buybacks
Investor presentation UBS Global Life Sciences 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 ratio
Slide 33: Diabetes
Investor presentation UBS Global Life Sciences Conference Slide no 33 Diabetes
Slide 34: Diabetes – the inability to manage blood sugar levels appropriately
Investor presentation UBS Global Life Sciences 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 an
Slide 35: Insulin – a hormone enabling blood sugar to enter cells
Investor presentation UBS Global Life Sciences Conference Slide no 35 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, ra
Slide 36: Diabetes pandemic and poor glycaemic control remain global problems
Investor presentation UBS Global Life Sciences Conference Slide no 36 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 Ne
Slide 37: Diabetes pandemic is fuelled by growing rates of obesity
Investor presentation UBS Global Life Sciences Conference Slide no 37 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
Slide 38: UKPDS: Tight glycaemic control reduces risk of complications
Investor presentation UBS Global Life Sciences Conference Slide no 38 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 Myocardia
Slide 39: Insulin is the ultimate care for people with diabetes
Investor presentation UBS Global Life Sciences Conference Slide no 39 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 functio
Slide 40: Medications used for the treatment of type 2 diabetes
Investor presentation UBS Global Life Sciences Conference Slide no 40 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) cont
Slide 41: Novo Nordisk continues to expand leadership position within diabetes care
Investor presentation UBS Global Life Sciences Conference Slide no 41 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 Nov
Slide 42: Sustained double-digit insulin market growth
Investor presentation UBS Global Life Sciences Conference Slide no 42 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
Slide 43: Solid insulin growth across diverse regions
Investor presentation UBS Global Life Sciences Conference Slide no 43 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
Slide 44: Global insulin volume growth remains above 5%
Investor presentation UBS Global Life Sciences Conference Slide no 44 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 Wo
Slide 45: The insulin market is comprised of three segments
Investor presentation UBS Global Life Sciences Conference Slide no 45 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
Slide 46: Only company with a full portfolio of modern insulins
Investor presentation UBS Global Life Sciences Conference Slide no 46 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% i
Slide 47: Potential for Novo Nordisk on the US modern insulin market
Investor presentation UBS Global Life Sciences Conference Slide no 47 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 pe
Slide 48: Leadership position on the European modern insulin market
Investor presentation UBS Global Life Sciences Conference Slide no 48 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 p
Slide 49: Leadership position on the Chinese insulin market
Investor presentation UBS Global Life Sciences Conference Slide no 49 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 penetrati
Slide 50: Leadership position in International Operations
Investor presentation UBS Global Life Sciences Conference Slide no 50 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
Slide 51: Sustained leadership position in Japan
Investor presentation UBS Global Life Sciences Conference Slide no 51 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 v
Slide 52: Assessment of the insulin industry
Investor presentation UBS Global Life Sciences Conference Slide no 52 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 pres
Slide 53: GLP-1 effect dependent on level of blood glucose
Investor presentation UBS Global Life Sciences Conference Slide no 53 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 pat
Slide 54: Victoza, the only once-daily human GLP-1 analogue
Investor presentation UBS Global Life Sciences Conference Slide no 54 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 we
Slide 55: The global GLP-1 market continues to expand
Investor presentation UBS Global Life Sciences Conference Slide no 55 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 C
Slide 56: R&D pipeline: Diabetes and obesity
Investor presentation UBS Global Life Sciences Conference Slide no 56 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
Slide 57: Phase 3a programmes for Tresiba and Ryzodeg completed in less than 18 months
Investor presentation UBS Global Life Sciences Conference Slide no 57 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 (
Slide 58: BEGIN and BOOST confirm the profiles of Tresiba and Ryzodeg
Investor presentation UBS Global Life Sciences Conference Slide no 58 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 o
Slide 59: Meta-analysis confirms hypoglycaemic profile of insulin degludec
Investor presentation UBS Global Life Sciences Conference Slide no 59 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 R
Slide 60: Tresiba and Ryzodeg current phase 3b trials
Investor presentation UBS Global Life Sciences Conference Slide no 60 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
Slide 61: Liraglutide 3 mg phase 3a programme in obesity
Investor presentation UBS Global Life Sciences Conference Slide no 61 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
Slide 62: Liraglutide 3 mg promoted weight maintenance and additional weight loss
Investor presentation UBS Global Life Sciences Conference Slide no 62 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 lo
Slide 63: Biopharmaceuticals
Investor presentation UBS Global Life Sciences Conference Slide no 63 Biopharmaceuticals
Slide 64: Biopharmaceuticals – global leadership in select, high-value disease areas
Investor presentation UBS Global Life Sciences Conference Slide no 64 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 pos
Slide 65: Haemophilia: Location of bleedings and the consequences
Investor presentation UBS Global Life Sciences Conference Slide no 65 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
Slide 66: Haemophilia – a significant market suited for Novo Nordisk's strengths
Investor presentation UBS Global Life Sciences Conference Slide no 66 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® Xy
Slide 67: NovoSeven – a unique biologic for rare bleeding disorders
Investor presentation UBS Global Life Sciences Conference Slide no 67 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
Slide 68: Characteristics of the haemophilia market
Investor presentation UBS Global Life Sciences Conference Slide no 68 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 Co
Slide 69: Core capabilities applied within haemophilia to expand the product portfolio
Investor presentation UBS Global Life Sciences Conference Slide no 69 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-act
Slide 70: R&D pipeline: Haemophilia and hGH
Investor presentation UBS Global Life Sciences Conference Slide no 70 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 de
Slide 71: Vatreptacog alfa phase 2 data shows very low treatment failure rate
Investor presentation UBS Global Life Sciences Conference Slide no 71 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
Slide 72: Profile of turoctocog alfa, a recombinant FVIII
Investor presentation UBS Global Life Sciences Conference Slide no 72 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 vers
Slide 73: N8-GP pharmacokinetic profile supports less frequent dosing
Investor presentation UBS Global Life Sciences Conference Slide no 73 In a phase 1 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/k
Slide 74: N9-GP appears to have a very long acting profile
Investor presentation UBS Global Life Sciences Conference Slide no 74 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 •
Slide 75: NovoThirteen (catridecacog) provides efficacious and safe haemostatic coverage
Investor presentation UBS Global Life Sciences Conference Slide no 75 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 Berich
Slide 76: Stable market position in the human growth hormone market
Investor presentation UBS Global Life Sciences Conference Slide no 76 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 D
Slide 77: Solid Norditropin sales growth
Investor presentation UBS Global Life Sciences Conference Slide no 77 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 stab
Slide 78: R&D pipeline: Inflammation
Investor presentation UBS Global Life Sciences Conference Slide no 78 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) M
Slide 79: Inflammation well suited to leverage Novo Nordisk's core capabilities
Investor presentation UBS Global Life Sciences Conference Slide no 79 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 aut
Slide 80: Financial performance
Investor presentation UBS Global Life Sciences Conference Slide no 80 Financial performance
Slide 81: US dollar and Japanese Yen remain above 2011 average
Investor presentation UBS Global Life Sciences Conference Slide no 81 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 C
Slide 82: Financial results – first six months of 2012
Investor presentation UBS Global Life Sciences Conference Slide no 82 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
Slide 83: Solid sales growth driven by North America and International Operations
Investor presentation UBS Global Life Sciences Conference Slide no 83 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%
Slide 84: Solid operating profit growth driven by diabetes
Investor presentation UBS Global Life Sciences Conference Slide no 84 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
Slide 85: Profitability per segment
Investor presentation UBS Global Life Sciences Conference Slide no 85 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
Slide 86: Continued gross margin improvement combined with stable investment level
Investor presentation UBS Global Life Sciences Conference Slide no 86 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 20
Slide 87: Growing profits converted into free cash flow
Investor presentation UBS Global Life Sciences Conference Slide no 87 Growing profits converted into free cash flow Net profit Free cash flow (absolute) DKK DKK billion DKK billion
Slide 88: Long-term financial targets
Investor presentation UBS Global Life Sciences Conference Slide no 88 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 prof
Slide 89: Long term financial targets: Operating profit growth and operating margin
Investor presentation UBS Global Life Sciences Conference Slide no 89 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
Slide 90: Long term financial targets: Operating profit after tax to net operating assets
Investor presentation UBS Global Life Sciences Conference Slide no 90 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 lo
Slide 91: Cash returned to shareholders via dividends and share buybacks
Investor presentation UBS Global Life Sciences Conference Slide no 91 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
Slide 92: Stable ownership structure
Investor presentation UBS Global Life Sciences Conference Slide no 92 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: privat
Novo Nordisk — UBS Global Life Sciences Conference 2012 on 6ix