Novo Nordisk A/s Class B · OMXCOP:NOVO_B
Novo Nordisk A/s Class B — Q1 2011 Earnings Presentation
77 slides from Novo Nordisk A/s Class B's earnings presentation, April 2011
Slide 1: Investor presentation First three months of 2011
Investor presentation First three months of 2011
Slide 2: Agenda
Investor Presentation First three months of 2011 Slide no 2 Agenda Introduction Sales update R&D update Financials and outlook Questions & answers session
Slide 3: Forward-looking statements
Investor Presentation First three months of 2011 Slide no 3 Forward-looking statements Novo Nordisk’s reports filed with or furnished to the US Securities and Exchange Commission (SEC), including the company’s Annual Report 2010 and Form 20-F, both filed with the SEC in February 2011 as well as this
Slide 4: Highlights
Investor Presentation First three months of 2011 Slide no 4 Highlights Market development • Solid sales performance with sales increasing by 11% in local currencies driven by Victoza® and modern insulins • Victoza® sales reached DKK 1,098 million in the first quarter of 2011 • Healthcare reforms imp
Slide 5: Key products continue to drive growth – first three months of 2011
Investor Presentation First three months of 2011 Slide no 5 Key products continue to drive growth – first three months of 2011 Sales as reported Growth analysis Other Local currencies Growth Share of +15% growth Norditropin ® +16% 4% Modern insulins 11% 42% Diabetes care 8% +16% Human insulins (8%)
Slide 6: North America continues to drive sales growth – first three months of 2011
Investor Presentation First three months of 2011 Slide no 6 North America continues to drive sales growth – first three months of 2011 Sales as reported Growth analysis China Local currencies Growth Share of +34% growth Japan & Korea North America North America 14% 45% +28% 9% 9% +16% Europe 2% 6% 9
Slide 7: Maintaining insulin leadership by growing modern insulin market share
Investor Presentation First three months of 2011 Slide no 7 Maintaining insulin leadership by growing modern insulin market share Novo Nordisk volume market share across insulin classes Novo Nordisk Sanofi-Aventis Eli Lilly Class % of total market Human insulin Modern insulin Total insulin Market va
Slide 8: Still a significant potential for Novo Nordisk on the US modern insulin market
Investor Presentation First three months of 2011 Slide no 8 Still a significant potential for Novo Nordisk on the US modern insulin market US insulin market by segments US modern insulin market shares Modern insulin penetration tMU Penetration Novo Nordisk Sanofi-Aventis Eli Lilly Device penetration
Slide 9: Development in the US insulin market
Investor Presentation First three months of 2011 Slide no 9 Development in the US insulin market US insulin TRx Novo Nordisk modern insulin volume scripts TRx volume scripts TRx Fast acting Premix TRx (thousands) (thousands) NovoLog® Levemir® Long acting Total NovoLog® 70/30 2000 250 +8.5% 200 1500
Slide 10: Victoza continues to drive the growth of the GLP-1 class in the US
Investor Presentation First three months of 2011 Slide no 10 Victoza® continues to drive the growth of the GLP-1 class in the US US GLP-1 market Key observations for the US market GLP-1 % of diabetes market value (right axis) 300 6% • Around 65% of new patients come from OAD only treatment GLP-1 TRx
Slide 11: Victoza continues to expand the European GLP-1 market
Investor Presentation First three months of 2011 Slide no 11 Victoza® continues to expand the European GLP-1 market Development in key European GLP-1 markets following Victoza® launch Germany UK France Market value*: Market value*: Market value*: 9% 9% 9% DKK 10 billion DKK 5 billion DKK 6 billion 8
Slide 12: Victoza approved in China and on track for expected launch in second half of 2011
Investor Presentation First three months of 2011 Slide no 12 Victoza® approved in China and on track for expected launch in the second half of 2011 Approved indications and next steps Import license approved in March 2011 • Victoza® is indicated for treatment of adults with type 2 diabetes • In comb
Slide 13: Pre-specified Degludec meta-analysis confirms findings from individual phase 3a trials
Investor Presentation First three months of 2011 Slide no 13 Pre-specified Degludec meta-analysis confirms findings from individual phase 3a trials Pre-planned meta-analysis on Degludec once-daily treatment: • Investigate the rate of treatment emergent confirmed hypoglycaemia for Degludec versus ins
Slide 14: Developments within the biopharmaceuticals pipeline
Investor Presentation First three months of 2011 Slide no 14 Developments within the biopharmaceuticals pipeline Haemophilia • US BLA submission for recombinant FXIII in congenital FXIII deficiency • NN7128 (long-acting recombinant factor VIIa) did not meet all pre-specified clinical proof- of-conce
Slide 15: Impact of healthcare reforms on global sales
Investor Presentation First three months of 2011 Slide no 15 Impact of healthcare reforms on global sales Announced healthcare reforms Impact of healthcare reforms US: • Patient Protection and Affordable Care Act • Health Care and Education Reconciliation Act Q1 2011 versus Q1 2010 • Approximately 3
Slide 16: Financial results – first three months of 2011
Investor Presentation First three months of 2011 Slide no 16 Financial results – first three months of 2011 DKK million Q1 2011 Q1 2010 Change Sales 15,693 13,674 15% Gross profit 12,576 10,984 14% Gross margin 80.1% 80.3% Sales and distribution costs 4,260 3,984 7% Percent of sales 27.1% 29.1% Rese
Slide 17: US dollar currently below 2010 average
Investor Presentation First three months of 2011 Slide no 17 US dollar currently below 2010 average 650 Spot rates Quarterly average Annual average Currency 2010 2011 Current USD/DKK assumptions1 average average2 rate2 600 USD 562 541 514 JPY 6.42 6.55 6.21 550 CNY 83 82 79 GBP 869 868 841 500 1) DK
Slide 18: Financial guidance 2011
Investor Presentation First three months of 2011 Slide no 18 Financial guidance 2011 Current expectations Current expectations Previous expectations (in DKK as reported unless 28 April 2011 2 February 2011 otherwise stated) Sales growth in local currencies 8-10% 8-10% Sales growth as reported 4 perc
Slide 19: Closing remarks
Investor Presentation First three months of 2011 Slide no 19 Closing remarks Solid market performance Promising pipeline • +10% annual diabetes market growth • The only company with a completed driven by diabetes prevalence phase 3a development programme for two new generation insulins • 51% insulin
Slide 20: Investor information
Investor Presentation First three months of 2011 Slide no 20 Investor information Share information Investor Relations contacts Novo Nordisk’s B shares are listed on the Novo Nordisk A/S stock exchange in Copenhagen under the Investor Relations symbol ‘NOVO B’. Its ADRs are listed on the Novo Allé,
Slide 21: Appendix
Investor Presentation First three months of 2011 Slide no 21 Appendix 1. Strategy 2. Diabetes 3. Biopharmaceuticals 4. Financials
Slide 22: Capital markets expect diabetes care to continue to outgrow the general pharmaceutical industry
Investor Presentation First three months of 2011 Slide no 22 Capital markets expect diabetes care to continue to outgrow the general pharmaceutical industry Growth in global prescription sales versus diabetes care sales (CAGR) Total Prescription sales Diabetes Care sales Insulin and GLP-1 sales 18.4
Slide 23: Novo Nordisk at a glance
Investor Presentation First three months of 2011 Slide no 23 Novo Nordisk at a glance Global leader in diabetes care • Founded in 1923 Europe: • Global leader in diabetes care Market share 53% North America: Japan & Korea: • Leading position in Market share 43% Market share 59% • Haemophilia China:
Slide 24: Novo Nordisk's corporate strategy – human protein expertise for chronic diseases
Investor Presentation First three months of 2011 Slide no 24 Novo Nordisk’s corporate strategy – human protein expertise for chronic diseases Therapeutic area Compounds & Capabilities Strategic focus Insulin Protein engineering and formulation Large scale biologics manufacturing Diabetes Expand Expa
Slide 25: Stable double digit sales growth has driven strong profits and cash flows
Investor Presentation First three months of 2011 Slide no 25 Stable double digit sales growth has driven strong profits and cash flows Reported quarterly sales Reported operating profit by therapy and free cash flow DKK DKK billion Diabetes Other billion Operating profit Free cash flow 20 Haemophili
Slide 26: Sales growth through global leadership in diabetes care from insulin and GLP-1
Investor Presentation First three months of 2011 Slide no 26 Sales growth through global leadership in diabetes care from insulin and GLP-1 Global diabetes care market Global diabetes care by treatment class value market share DKK billion OAD Insulin GLP-1 200 25% Novo Nordisk 180 24% 160 20% Sanofi
Slide 27: Diabetes leadership and biopharm franchise sustained through continuous protein innovation
Investor Presentation First three months of 2011 Slide no 27 Diabetes leadership and biopharm franchise sustained through continuous protein innovation development Animal Human Insulin New Market Insulin insulin* insulin analogues generation Twice-daily Once-daily Protracted development Market GLP-1
Slide 28: Diabetes
Investor Presentation First three months of 2011 Slide no 28 Diabetes
Slide 29: Diabetes – the inability to manage blood sugar levels appropriately
Investor Presentation First three months of 2011 Slide no 29 Diabetes – the inability to manage blood sugar levels appropriately Definition Insulin secretion profile ’A metabolic disorder of multiple aetiology 70 characterised by chronic hyperglycaemia with 60 disturbances of carbohydrate, fat and p
Slide 30: Diabetes has become an epidemic - driven by lifestyle changes and demographics
Investor Presentation First three months of 2011 Slide no 30 Diabetes has become an epidemic - driven by lifestyle changes and demographics Projected number of people Risks factors for developing with diabetes type 2 diabetes Million people 450 439 • Age > 45 years 400 • Obesity (BMI > 27 kg/m2 or 3
Slide 31: Globally, few people with diabetes get into good glycaemic control
Investor Presentation First three months of 2011 Slide no 31 Globally, few people with diabetes get into good glycaemic control – causing complications Rules of halves – 6% of patients are successfully treated Complications of diabetes Acute complications 100% • Hyperglycaemia All people • Diabetic
Slide 32: Treating diabetes reduces risks of complications – and costs of diabetes
Investor Presentation First three months of 2011 Slide no 32 Treating diabetes reduces risks of complications – and costs of diabetes Risk reduction by lowering HbA1c with 1% Costs related to type 2 diabetes Diabetes- Peripheral related Myocardial Microvascular vascular death infarction complication
Slide 33: Insulin is the ultimate care for people with diabetes
Investor Presentation First three months of 2011 Slide no 33 Insulin is the ultimate care for people with diabetes Progression of type 2 diabetes Distribution of patients and value and treatment intensification across treatment classes Tablets GLP-1 Insulin 100% Diet and excercise Tablets 75% -cell
Slide 34: Insulin – a hormone enabling blood sugar to enter cells
Investor Presentation First three months of 2011 Slide no 34 Insulin – a hormone enabling blood sugar to enter cells Insulin enables food to become The aim of insulin therapy is to energy recreate normal blood insulin profile • Facilitates uptake of blood sugar into Short- lived, rapidly generated 7
Slide 35: Novo Nordisk is the only company with a full portfolio of modern insulins
Investor Presentation First three months of 2011 Slide no 35 Novo Nordisk is the only company with a full portfolio of modern insulins Brand Patent Brand name Type Launch Sales share of expiration segment Fast-acting EU: 1999 11.9 bDKK EU: 2017* 48% insulin US: 2001 (+22%) US: 2017* Premixed EU: 200
Slide 36: Sustained double-digit insulin market growth
Investor Presentation First three months of 2011 Slide no 36 Sustained double-digit insulin market growth Global insulin market growth The fundamental growth drivers of 2006-2011 the insulin market DKK billion Volume 100 • Prevalence of diabetes • Diagnosis rates 80 20.7 bDKK • Treatment rates • Int
Slide 37: Sustained leadership in the expanding insulin market
Investor Presentation First three months of 2011 Slide no 37 Sustained leadership in the expanding insulin market Global insulin value market growth Novo Nordisk global of 20% over the last 12 months insulin volume market share DKK billion Novo Nordisk Sanofi-Aventis Eli Lilly 90 70% 60% 13% 80 51%
Slide 38: Global insulin volume growth remains above 5%
Investor Presentation First three months of 2011 Slide no 38 Global insulin volume growth remains above 5% Regional volume shares Regional insulin volume growth of insulin market IO North America China IO North America China Europe Japan & Korea World Europe Japan & Korea 50% 100% 6% 15% 40% 80% 4%
Slide 39: The insulin market is comprised of three segments
Investor Presentation First three months of 2011 Slide no 39 The insulin market is comprised of three segments Global insulin market by segments Action profiles of insulins tMU 400 CAGR volume: 7.1% 350 CAGR value*: 14.3% Fast acting 300 34% 250 Fast acting 200 31% 30% Premix 150 Premix 35% 100 Long
Slide 40: Value growth driven by conversion to modern insulins and better devices
Investor Presentation First three months of 2011 Slide no 40 Value growth driven by conversion to modern insulins and better devices 2006 North America Japan & Korea China Modern insulin penetration 2011 Europe IO Global 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 0% 10% 20% 30% 40% 50% 60% 70% 80%
Slide 41: Solid growth across diverse regions
Investor Presentation First three months of 2011 Slide no 41 Solid growth across diverse regions Market Market Novo Nordisk size & growth composition market share 20% 5% North 36 47 57 43 % 49 % America 39 17 % % % 3% 3% 38 35 47 Europe 22 24 % % % 53 % 27 % 13% 17% 19 26 International % % 41 59 6 %
Slide 42: Maintaining the solid leadership position on the European modern insulin market
Investor Presentation First three months of 2011 Slide no 42 Maintaining the solid leadership position on the European modern insulin market EU insulin market by segments EU modern insulin market shares Modern insulin penetration tMU Penetration Novo Nordisk Sanofi-Aventis Eli Lilly Device penetrati
Slide 43: Stable leadership position on the rapidly growing Chinese insulin market
Investor Presentation First three months of 2011 Slide no 43 Stable leadership position on the rapidly growing Chinese insulin market China insulin market by segments China insulin market shares tMU Modern insulin penetration Penetration Novo Nordisk Sanofi-Aventis Eli Lilly Device penetration Shang
Slide 44: Stable leadership position in International Operations
Investor Presentation First three months of 2011 Slide no 44 Stable leadership position in International Operations International Operations International Operations insulin market by segments insulin market shares tMU Modern insulin penetration Penetration Novo Nordisk Sanofi-Aventis Device penetra
Slide 45: Sustained leadership position in Japan
Investor Presentation First three months of 2011 Slide no 45 Sustained leadership position in Japan Japan insulin market by segments Japan modern insulin market shares Modern insulin penetration tMU Penetration Novo Nordisk Sanofi-Aventis Eli Lilly Device penetration 16 100% 70% 14 60% CAGR volume:
Slide 46: Phase 3a programmes for Degludec and DegludecPlus completed in less than 18 months
Investor Presentation First three months of 2011 Slide no 46 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 (N=629
Slide 47: BEGIN and BOOST confirm the profiles of Degludec and DegludecPlus
Investor Presentation First three months of 2011 Slide no 47 BEGINTM and BOOSTTM confirm the profiles of Degludec and DegludecPlus Degludec OD vs insulin glargine OD1 DegludecPlus BD vs NovoMix® BD2 Profile • Basal insulin with flatter, less variable • First basal-prandial fixed combination profile
Slide 48: Assessment of the insulin industry
Investor Presentation First three months of 2011 Slide no 48 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
Slide 49: GLP-1's effect is dependent on blood glucose level which reduces risk of hypoglycemia
Investor Presentation First three months of 2011 Slide no 49 GLP-1’s effect is dependent on blood glucose level which reduces risk of hypoglycemia When blood sugar levels increase GLP-1 lowers blood glucose in then GLP-1 does the following: patients with type 2 diabetes • Increases insulin secretion
Slide 50: Victoza, the only once-daily human GLP-1 analogue for type 2 diabetes
Investor Presentation First three months of 2011 Slide no 50 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 hypoglycemia • 13 hours half-life allows for once- daily dosing • Reduces weight • Re
Slide 51: The global GLP-1 market is expanding
Investor Presentation First three months of 2011 Slide no 51 The global GLP-1 market is expanding Victoza® is driving the expansion of North America constitutes the the global GLP-1 market majority of the GLP-1 market* DKK GLP-1 sales in bDKK (right axis) billion 5% 7 Rest of world Diabetes market s
Slide 52: Novo Nordisk's strong pipeline advances the future treatment of diabetes
Investor Presentation First three months of 2011 Slide no 52 Novo Nordisk’s strong pipeline advances the future treatment of diabetes Compound Innovation focus Key projects Degludec, New generation Insulin DegludecPlus, NN1218 Oral delivery NN1953 Diabetes Insulin/GLP-1 New class NN9068 combination
Slide 53: R&D pipeline: Diabetes and obesity
Investor Presentation First three months of 2011 Slide no 53 R&D pipeline: Diabetes and obesity Compound Type Indication Status (phase) 1 2 3 Filed Appr. Degludec Ultra LA basal insulin Type 1+2 DegludecPlus Ultra LA basal insulin with a bolus boost Type 1+2 Semaglutide Once-weekly GLP-1 analogue Ty
Slide 54: Biopharmaceuticals
Investor Presentation First three months of 2011 Slide no 54 Biopharmaceuticals
Slide 55: Biopharmaceuticals – global leadership in select, high-value disease areas
Investor Presentation Novo Nordisk First three months of 2011 Slide no 55 Biopharmaceuticals – global leadership in select, high-value disease areas Growth Hormone Haemophilia Inflammation Therapy 2010 sales: DKK 8 billion 2010 sales: DKK 5 billion 2010 sales: DKK 0 Global market position: #1 Global
Slide 56: Haemophilia - an attractive opportunity building on core strengths within proteins
Investor Presentation First three months of 2011 Slide no 56 Haemophilia - an attractive opportunity building on core strengths within proteins Prevalence of haemophilia A and Sales of recombinant B and frequency of inhibitors coagulation factors NovoSeven® Xyntha®/Refacto® bUSD Kogenate®/Helixate®
Slide 57: NovoSeven - a unique biologic for the treatment of a rare bleeding disorders
Investor Presentation First three months of 2011 Slide no 57 NovoSeven® - a unique biologic for the treatment of a rare bleeding disorders Reported sales Key NovoSeven® proporties DKK billion 2,5 • Product characteristics: powder and solvent for solution for i.v. injection, R: 10% available in multi
Slide 58: Characteristics of the haemophilia market
Investor Presentation First three months of 2011 Slide no 58 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 pressu
Slide 59: Strategy for developing broad range of treatment options within haemophilia
Investor Presentation First three months of 2011 Slide no 59 Strategy for developing broad range of treatment options within haemophilia Compound Innovation focus Key projects On-demand NN1731 Factor 7 / bypassing agents Prophylaxis NN7128 & NN7129 On-demand NN7008 Factor 8 for Haemophilia Haemophil
Slide 60: NN1731: Phase II data show strong efficacy for new rFVIIa analogue
Investor Presentation First three months of 2011 Slide no 60 NN1731: Phase II data show strong efficacy for new rFVIIa analogue compared to rFVIIa Comparison of treatment failure NN1731 key characteristics and rate between NN1731 and rFVIIa phase II study background • NN1731 is a recombinant factor
Slide 61: N8-GP and N9-GP are pro-drugs that release native FVIIIa/FIXa when bleeding occurs
Investor Presentation First three months of 2011 Slide no 61 N8-GP and N9-GP are pro-drugs that release native FVIIIa/FIXa when bleeding occurs GlycoPegylated N7-GP is the active N8-GP/N9-GP release native molecular entity during bleeding FVIIIa/FIXa at onset of bleeding PEG PEG N7-GP N9-GP GLA EGF1
Slide 62: R&D pipeline: Haemostasis
Investor Presentation First three months of 2011 Slide no 62 R&D pipeline: Haemostasis Compound Type Indication Status (phase) 1 2 3 Filed Appr. NN1841 rFXIII Congenital FXIII deficiency NN7008 rFVIII Haemophilia A NN1731 Ultra FA rFVIIa analogue Haemophilia w. inhibitors NN7128 LA rFVIIa derivative
Slide 63: Human growth hormone market
Investor Presentation First three months of 2011 Slide no 63 Human growth hormone market Growth hormone market share Development in global hGH market by volume MAT volume kg (left axis) Pfizer Novo Nordisk kg bUSD Eli Lilly Roche MAT Value USD (right axis) Merck Kgaa Sandoz 70 3,5 35% CAGR volume: 5
Slide 64: Solid Norditropin sales growth
Investor Presentation First three months of 2011 Slide no 64 Solid Norditropin® sales growth Reported Norditropin® sales Key Norditropin® properties DKK billion 1,5 • Product characteristics: Premixed, % prefilled multi-use delivery systems R : 12 1,2 CAG available in multiple strengths, some stable
Slide 65: Inflammation well suited to leverage Novo Nordisk's core capabilities
Investor Presentation First three months of 2011 Slide no 65 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 for all autoimmune diseases
Slide 66: R&D pipeline: Inflammation
Investor Presentation First three months of 2011 Slide no 66 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 arthritis
Slide 67: Financial performance
Investor Presentation First three months of 2011 Slide no 67 Financial performance
Slide 68: Solid sales growth driven by North America and International Operations
Investor Presentation First three months of 2011 Slide no 68 Solid sales growth driven by North America and International Operations Reported annual sales Reported annual sales split by region DKK billion North America Europe China Diabetes Biopharmaceuticals 70 Int. Operations Japan 60 9% 12% 14% R
Slide 69: Solid operating profit growth driven by diabetes
Investor Presentation First three months of 2011 Slide no 69 Solid operating profit growth driven by diabetes Operating profit Operating profit therapy split DKK Operating profit billion Diabetes Biopharm Operating profit as % of sales 20 40% 15 30% 10 20% 50% 50% 64% 36% 5 10% 0 0% 2005 2007 2008 2
Slide 70: Profitability per segment
Investor Presentation First three months of 2011 Slide no 70 Profitability per segment Diabetes P&L, 2010 Biopharm P&L, 2010 DKK DKK billion billion 50 18 -22% 45 16 -10% 40 14 -22% -32% 35 12 30 -19% 10 25 -15% 8 -5% 20 +2% 45% -5% 6 15 +1% 26% 4 10 5 2 0 0 Sales COGS S&D R&D Admin OOI OP Sales COG
Slide 71: Continued gross margin improvement combined with stable investment level
Investor Presentation First three months of 2011 Slide no 71 Continued gross margin improvement combined with stable investment level COGS CAPEX DKK DKK billion COGS COGS as % of sales billion CAPEX CAPEX as % of sales 12 30% 4 8% 10 25% 3 6% 8 20% 6 15% 2 4% 4 10% 1 2% 2 5% 0 0% 0 0% 2006 2007 2008
Slide 72: Growing profits converted into free cash flow
Investor Presentation First three months of 2011 Slide no 72 Growing profits converted into free cash flow Net profit Free cash flow (absolute) DKK Net profit EPS diluted DKK Free cash flow billion DKK billion Free cash flow as % of net profit 16 30 18 140% 14 16 25 120% 14 12 100% 20 12 10 10 80% 8
Slide 73: Long-term financial targets updated
Investor Presentation First three months of 2011 Slide no 73 Long-term financial targets updated Performance against long-term financial targets Average Old New 2010 2006-2010** targets targets Operating profit growth 19% 27% 15% 15% Operating margin 26% 31% 30% 35% Return on invested capital 40% 64
Slide 74: Long term financial targets: Operating profit growth and operating margin
Investor Presentation First three months of 2011 Slide no 74 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 Previous long term financial targets Previous long term financ
Slide 75: Long term financial targets: Return on invested capital and cash to earnings
Investor Presentation First three months of 2011 Slide no 75 Long term financial targets: Return on invested capital and cash to earnings Cash to earnings Return on invested capital (three years’ average) New long term financial target Long term financial target Previous long term financial targets
Slide 76: Cash returned to shareholders
Investor Presentation First three months of 2011 Slide no 76 Cash returned to shareholders Dividend and payout ratio Annual share repurchases Dividend Payout ratio DKK DKK billion for previous year billion 7 50% 12 Dividend paid Payout ratio for previous year 6 45% 10 5 40% 8 4 35% 6 3 30% 4 2 1 2.2
Slide 77: Stable ownership structure
Investor Presentation First three months of 2011 Slide no 77 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 governing institution that: Institutional and private investo