Financial statement for the period 1 January 2007 to 30 June 2007
Novo Nordisk increased first half-year operating profit by 14% and
raises the expectation for 2007 operating profit growth to around 10%
* Novo Nordisk increased sales by 14% in local currencies and - due
to a significant negative currency development - by 9% in Danish
kroner.
o Sales of modern insulins increased by 37% (31% in Danish
kroner).
o Sales of NovoSeven® increased by 11% (5% in Danish kroner).
o Sales of Norditropin® increased by 13% (7% in Danish
kroner).
o Sales in North America increased by 25% (16% in Danish
kroner).
* Gross margin increased to 77.0% in the first six months of 2007
up from 75.0% in the same period last year, primarily reflecting
continued productivity improvements.
* Operating profit increased by 14% to DKK 5,134 million. Adjusted
for the impact from currencies underlying operating profit
increased by around 25%.
* Net profit increased by 81% to DKK 5,361 million, primarily
reflecting the divestment of Dako's business activities. Earnings
per share (diluted) increased by 84% to DKK 16.76.
* The full-year expectation for operating profit growth is now
around 10%, primarily reflecting a sustainable improvement in
gross margin. Measured in local currencies the expectation for
full-year operating profit growth is now increased to around 20%.
* Novo Nordisk has announced very positive results from the first
phase 3 study with liraglutide, a human GLP-1 analogue, showing
that liraglutide is statistically superior to insulin glargine in
terms of blood glucose control and weight loss.
Lars Rebien Sørensen, president and CEO, said: "The business
continues to perform very well with robust sales growth and a
sustained improvement in our gross margin. We are also very pleased
with the first phase 3 results on liraglutide which are expected to
be supported by results from additional phase 3 studies during the
following months."
Financial statement for the first six months of 2007
This interim report has been prepared in accordance with
International Financial Reporting Standards (IFRS). The accounting
policies used in the interim report are consistent with those used in
the Annual Report 2006. The interim report has not been audited.
Amounts in DKK million, except average number of shares outstanding,
earnings per share and full-time employees.
% change 6M
2006 to 6M
Income statement 6M 2007 6M 2006 2007
Sales 20,381 18,673 9%
Gross profit 15,703 14,006 12%
Gross margin 77.0% 75.0%
Sales and distribution costs 6,158 5,578 10%
Percent of sales 30.2% 29.9%
Research and development 3,401 2,917 17%
costs
Percent of sales 16.7% 15.6%
Administrative expenses 1,208 1,137 6%
Percent of sales 5.9% 6.1%
Licence fees and other 198 135 47%
operating income
Operating profit 5,134 4,509 14%
Operating margin 25.2% 24.1%
Net financials 1,634 (289) -
Profit before tax 6,768 4,220 60%
Net profit 5,361 2,954 81%
Net profit margin 26.3% 15.8%
Other key numbers
Depreciation, amortisation 1,025 968 6%
and impairment losses
Capital expenditure 952 1,217 (22%)
Cash flow from operating 3,989 3,859 3%
activities
Free cash flow 2,926 2,462 19%
Total assets 48,300 43,145 12%
Equity 33,475 28,908 16%
Equity ratio 69.3% 67.0%
Average number of shares
outstanding (million) -
diluted 319.9 324.8 (2%)
Diluted earnings per share 16.76 9.09 84%
(in DKK)
Full-time employees at the 24,729 22,792 8%
end of the period
Sales development by segments
Sales increased by 14% in local currencies and by 9% measured in
Danish kroner in the first six months of 2007. Growth was realised
both within diabetes care and biopharmaceuticals - primarily driven
by modern insulins (insulin analogues), NovoSeven® and Norditropin®.
Sales Growth Growth Share of
6M 2007 as in local growth
DKK reported currencies in local
million currencies
The diabetes care segment
Modern insulins 6,529 31% 37% 68%
Human insulins 6,358 (4%) 0% 1%
Insulin-related sales 856 9% 14% 4%
Oral antidiabetic products 1,052 10% 15% 5%
Diabetes care - total 14,795 11% 16% 78%
The biopharmaceuticals segment
NovoSeven® 2,919 5% 11% 11%
Growth hormone therapy 1,708 7% 13% 8%
Other products 959 2% 8% 3%
Biopharmaceuticals - total 5,586 5% 11% 22%
Total sales 20,381 9% 14% 100%
Sales development by regions
In the first six months of 2007, sales growth measured in local
currencies was realised in all regions. The main contributors to
growth were North America and International Operations providing 54%
and 23%, respectively, of the total sales growth. Europe contributed
19% and Japan & Oceania 4% of the sales growth in the first six
months of 2007.
Sales in North America in the first six months of 2007 were
positively impacted by the continued implementation of the Medicare
Part D scheme, a public scheme introduced in 2006 which offers
improved medical treatment for elderly patients. As previously
communicated, the greater part of the full-year 2006 positive impact
of the implementation was booked in the fourth quarter of 2006 as
data became available, whereas in 2007 the positive impact is
expected to have a more even quarterly distribution. In addition,
sales in North America in the second quarter of 2007 were positively
impacted by an adjustment of the level of 2006 Medicaid rebates to
reflect the final 2006 patient data available in May 2007.
Diabetes care
Sales of diabetes care products increased by 16% in local currencies
and by 11% in Danish kroner to DKK 14,795 million compared to the
first six months of 2006.
Modern insulins, human insulins and insulin-related products
Sales of modern insulins, human insulins and insulin-related products
increased by 16% measured in local currencies and by 11% in Danish
kroner to DKK 13,743 million. All regions contributed to growth
measured in local currencies, with North America and International
Operations having the highest growth rates. Novo Nordisk is the
global leader within the insulin market with 52% of the total insulin
market and 41% of the modern insulin market, both measured by volume.
Sales of modern insulins increased by 37% in local currencies in the
first six months of 2007 and by 31% in Danish kroner to DKK 6,529
million. All regions realised solid growth rates, with North America
and Europe as the primary contributors to growth. Sales of modern
insulins contributed 68% of the overall growth in local currencies
and now constitute more than 50% of Novo Nordisk's sales of insulin.
North America
Sales in North America increased by 31% in local currencies in the
first six months of 2007 and by 21% in Danish kroner, reflecting a
solid penetration of the modern insulins NovoLog® and NovoLog® Mix
70/30 as well as increased penetration of Levemir®. Novo Nordisk
continues to consolidate its leadership position in the US insulin
market with 42% of the total insulin market and 29% of the modern
insulin market, both measured by volume. The expansion of the US
diabetes sales force from 1,200 to 1,900 people was completed by the
end of June and is expected to support the continued uptake of modern
insulins including Levemir®.
Europe
Sales in Europe increased by 7% in local currencies and 7% measured
in Danish kroner, reflecting continued progress for the portfolio of
modern insulins. Novo Nordisk holds 57% of the total insulin market
and 49% of the modern insulin market, both measured by volume, and is
capturing the predominant share of growth in the modern insulin
market.
International Operations
Sales within International Operations increased by 22% in local
currencies and by 15% in Danish kroner. The main growth driver in the
first six months of 2007 was sales of modern insulins, primarily in
Turkey, Russia and China. Furthermore, human insulins continue to add
to overall growth in the region, driven by China. Sales growth in the
first six months of 2007 was negatively impacted by the loss of a
federal human insulin tender in Brazil in the second half of 2006.
Japan & Oceania
Sales in Japan & Oceania increased by 5% in local currencies and
decreased by 5% measured in Danish kroner. The sales development
reflects sales growth of modern insulins, NovoRapid® and NovoRapid®
30 Mix, both of which are increasingly being sold in the leading
prefilled delivery device, FlexPen®.
Oral antidiabetic products (NovoNorm®/Prandin®)
Sales of oral antidiabetic products increased by 15% in local
currencies and by 10% in Danish kroner to DKK 1,052 million compared
to the same period in 2006. This reflects increased sales in
International Operations, North America and Europe compared to the
same period last year, primarily related to an improved reimbursement
situation in China and a higher average sales price in the US market.
Biopharmaceuticals
Sales of biopharmaceutical products increased by 11% in local
currencies and by 5% measured in Danish kroner to DKK 5,586 million
compared to the first six months of 2006.
NovoSeven®
Sales of NovoSeven® increased by 11% in local currencies and by 5% in
Danish kroner to DKK 2,919 million compared to the same period last
year. Sales growth for NovoSeven® was primarily realised in North
America. The sales growth of NovoSeven® during the first six months
of 2007 reflected increased sales within the congenital bleeding
disorder segments as well as a perceived higher level of
investigational use. Treatment of spontaneous bleeds for congenital
inhibitor patients remains the largest area of use. In Europe,
NovoSeven® was recently launched for single dose use (270 µg/kg) for
people with haemophilia with inhibitors, making administration of
NovoSeven® more convenient for mild to moderate bleeds.
Growth hormone therapy (Norditropin®)
Sales of Norditropin®, growth hormone in a liquid, ready-to-use
formulation, increased by 13% measured in local currencies and by 7%
measured in Danish kroner to DKK 1,708 million. All regions
contributed to growth measured in local currencies supported by the
continued success of the prefilled delivery device NordiFlex®.
Other products
Sales of other products within biopharmaceuticals, which
predominantly consist of hormone replacement therapy (HRT) related
products, increased by 8% in local currencies and by 2% in Danish
kroner to DKK 959 million. This development primarily reflects
continued sales progress in the US market for Vagifem®, Novo
Nordisk's topical oestrogen product. Novo Nordisk is now the global
leader within the topical HRT market with a market share of 30%,
measured in value.
Costs, licence fees and other operating income
The cost of goods sold was largely unchanged at DKK 4,678 million,
representing a gross margin of 77.0% compared to 75.0% in the first
six months of 2006. This improvement reflects improved production
efficiency, an improved product mix and higher average prices in the
US, but also a negative impact of around 0.7 percentage points due to
currency developments, primarily the lower value of US dollars and
Japanese yen versus Danish kroner compared to the same period last
year.
Total non-production-related costs increased by 12% to DKK 10,767
million. The increase reflects costs related to sales and
distribution as well as research and development. Sales and
distribution costs increased slightly more than sales, primarily
reflecting the increase in the US diabetes care sales force, as well
as a provision relating to an antidumping court case in Brazil.
Research and development costs also increased more than sales,
primarily reflecting the high number of late-stage clinical
development projects currently being conducted.
Licence fees and other operating income in the first six months of
2007 were DKK 198 million, positively impacted by a non-recurring
income related to the out-licensing of an oral antidiabetic compound.
Net financials
Net financials showed a net income of DKK 1,634 million in the first
six months of 2007 compared to a net expense of DKK 289 million in
the same period in 2006.
Included in net financials is the result from associated companies
with an income of DKK 1,290 million, primarily related to the
tax-exempt income of DKK 1.4 billion from Novo Nordisk's divestment
of the ownership of Dako's business activities as well as Novo
Nordisk's share of losses in ZymoGenetics Inc, compared to an expense
of DKK 118 million in the same period in 2006.
The foreign exchange result was an income of DKK 458 million compared
to a loss of DKK 175 million in the same period last year. This
development reflects gains on foreign exchange hedging activities due
to the lower value of especially US dollars and Japanese yen versus
Danish kroner in the first six months of 2007 compared to the
exchange rate level prevailing in 2006.
Outlook 2007
Novo Nordisk expects 11-14% growth in sales measured in local
currencies for 2007. This is based on expectations of continued
market penetration of Novo Nordisk's key strategic products within
diabetes care and biopharmaceuticals, as well as expectations of
increased competition in the diabetes care area during 2007 due to
competitors' product launches. Given the current level of exchange
rates versus Danish kroner, the reported sales growth for 2007 is
expected to be 7-10%.
For 2007, operating profit as reported is now expected to grow by
around 10%, reflecting a sustainable gross margin improvement but
also a continued depreciation of key invoicing currencies versus
Danish kroner compared to the exchange rate levels prevailing at the
time of the first quarter 2007 results released on 2 May 2007.
Measured in local currencies the expectation for growth in operating
profit is increased to around 20%, reflecting a sustainable
improvement in gross margin. The expectation for operating profit
growth still includes an expected higher level of spending on the
portfolio of research and development projects as well as a continued
high level of spending on sales and marketing.
For 2007, Novo Nordisk still expects a net financial income of around
DKK 1,800 million, including a positive impact from Novo Nordisk's
divestment of the ownership of Dako's business activities, which was
announced on 28 February 2007 and completed on 31 May 2007. A
tax-exempt income of DKK 1.4 billion from the divestment was recorded
in the second quarter of 2007.
For 2007, Novo Nordisk expects an effective tax rate of 22%. The tax
rate includes a non-recurring positive effect of around 3 percentage
points from Novo Nordisk's divestment of the ownership of Dako's
business activities and a non-recurring effect of around 1 percentage
point from the re-evaluation of the company's deferred tax
liabilities as a consequence of the new Danish corporation tax law.
Also included in the outlook for the effective tax rate for 2007 is a
recurring effect of close to 2 percentage points caused by the
reduction in the Danish corporation tax rate from 28% to 25%.
Capital expenditure is expected to be below DKK 3 billion in 2007.
Expectations for depreciation, amortisation and impairment losses are
still around DKK 2.3 billion, and free cash flow is expected to be
around DKK 7 billion, which includes a positive impact from the
divestment of the ownership of Dako's business activities.
All of the above expectations are provided that currency exchange
rates, especially the US dollar and related currencies, remain at the
current level versus the Danish krone for the rest of 2007.
Novo Nordisk has hedged expected net cash flows in relation to US
dollars, Japanese yen and British pounds for 17, 14 and 10 months,
respectively. The financial impact from foreign exchange hedging is
included in 'Net financials'.
Research and development update
Diabetes care
As communicated on 21 June 2007, Novo Nordisk received the clinical
results from the first of five phase 3 studies with the once-daily
human GLP-1 analogue liraglutide. The 26-week study included 581
patients with type 2 diabetes inadequately controlled by two oral
antidiabetic drugs, metformin and a sulfonylurea (glimepiride). All
patients in the study continued therapy with the two oral drugs and
were randomised to add one daily injection of liraglutide, placebo or
insulin glargine. The average HbA1c level at the beginning of the
study was between 8.0% and 8.5%. At the end of the study, more than
50% of patients in the liraglutide group had reached the American
Diabetes Association goal of HbA1c < 7%. Furthermore, more than 35%
achieved the American Association of Clinical Endocrinologists HbA1c
target of <= 6.5%. The HbA1c reduction achieved in the liraglutide
group was more than 0.2 percentage points better than in the insulin
glargine group, a difference which is statistically significant. In
addition, the patients on liraglutide treatment lost on average 3.5
kg body weight compared to the insulin glargine group, a difference
which was statistically significant as well.
At the annual meeting of the American Diabetes Association (ADA) held
in Chicago in June this year, Novo Nordisk presented detailed results
of the Japanese phase 2 study with liraglutide as monotherapy
including 226 patients with type 2 diabetes treated over a period of
14 weeks. From an HbA1c baseline of between 8.1% and 8.5%, the
patients treated with the high dose of liraglutide improved on
average HbA1c by 1.9 percentage points vs placebo by reducing both
fasting and post-meal glucose levels. Results showed that liraglutide
was effective and well tolerated within a wide dose range, allowing
75% of patients receiving the highest dose to achieve the glycaemic
control target of HbA1c < 7.0% without hypoglycaemia.
At the ADA meeting, Novo Nordisk also presented detailed results from
the Levemir® PREDICTIVE® clinical trial in the US. The six-month
study including 5,604 patients showed that the patients with type 2
diabetes were able to safely reduce their blood sugar by adjusting
their own dosage of Levemir®, compared to dosing adjusted by their
primary care physician. This improvement in HbA1c levels was observed
with minimal weight change and without increases in rates of
hypoglycaemia. Furthermore, around 90% of the patients were well
treated on Levemir® once daily at the end of the study.
Biopharmaceuticals
Novo Nordisk has filed for regulatory approval of a heat-stable
version of NovoSeven® in Europe as well as in the US. A heat-stable
product is expected to deliver significant patient benefits including
rapid dosing and ease of access to treatment outside of home or
hospital settings.
Novo Nordisk has recently initiated a phase 2 study with the
short-acting NovoSeven® analogue (NN1731). The study is expected to
include around 75 haemophilia patients with inhibitors and will
evaluate both safety and efficacy of NN1731. The study is expected to
take around two years to complete.
Furthermore, as communicated on 15 June 2007, Novo Nordisk has
initiated a phase 1 study with a long-acting version of NovoSeven®.
This long-acting version in addition to the short-acting analogue
(NN1731) shows Novo Nordisk's commitment to develop the class of
second-generation rFVIIa compounds with improved properties.
In June, the US Food and Drug Administration (FDA) approved
Norditropin® for the treatment of short stature in children with
Noonan syndrome. Noonan syndrome is defined as an autosomal dominant
genetic syndrome commonly characterised by short stature, congenital
heart defects and abnormal facial features. Norditropin® has received
orphan drug designation for this indication.
Novo Nordisk has initiated a global phase 3 trial for the use of
Norditropin® for the treatment of adult patients in chronic dialysis
(APCD) encompassing around 2,500 patients. This double-blind,
placebo-controlled study evaluates the impact of growth hormone
treatment on the survival rate of APCD patients following two years'
treatment. Growth hormone treatment is expected to increase the
patients' lean body mass and level of serum albumin, which has been
shown to be leading indicators for survival in APCD. The study is
expected to take around three years to complete.
Finally, Novo Nordisk has successfully completed a 12-month
double-blind, randomised, placebo-controlled, multi-centre US phase 3
trial of Vagifem® low dose (10µg estradiol). The efficacy and safety
of Vagifem® low dose for the treatment of postmenopausal atrophic
vaginitis symptoms was investigated in this trial and a significant
improvement was observed in all three primary endpoints compared to
placebo. Novo Nordisk expects to file for marketing approval with the
FDA later this year.
Equity
Total equity was DKK 33,475 million at the end of the first six
months of 2007, equal to 69.3% of total assets, compared to 67.4% at
the end of 2006. Please refer to appendix 6 for further elaboration
of changes in equity during 2007.
Holding of treasury shares and share repurchase programme
As per 2 August 2007, Novo Nordisk A/S and its wholly-owned
affiliates owned 5,514,614 of its own B shares, corresponding to
1.70% of the total share capital. The reduction in the ownership of
own shares reflects the cancellation of 13,480,000 B shares, which
took place on 19 June 2007 following a decision at the annual general
meeting earlier this year. During the period from 1 January to 2
August 2007, Novo Nordisk repurchased a total of 138,000 B shares
equal to a cash value of DKK 0.1 billion. In 2006, Novo Nordisk
repurchased shares equal to a cash value of DKK 3 billion out of the
total DKK 10 billion share repurchase programme for 2006-2008. In
2007, Novo Nordisk still expects to repurchase B shares equal to a
cash value of DKK 5 billion.
Change in trading units
In order to secure liquidity for both the Novo Nordisk B shares and
American Depositary Receipts (ADRs) and bring price levels in line
with market practice for especially the ADRs, the Board of Directors
has decided to make a stock split. The trading unit of the Novo
Nordisk B shares listed on the Copenhagen Stock Exchange will be
changed from DKK 2 to DKK 1. The ratio of B shares to ADRs listed on
the New York Stock Exchange will remain 1:1. These changes in trading
units are expected to take effect as of 1 December 2007.
Sustainability issues update
New research highlights the economic cost of diabetes
A dramatic increase in the prevalence of diabetes is a heavy economic
burden for both developed and developing countries, according to a
new report from the Economist Intelligence Unit, sponsored by Novo
Nordisk. The research covered five countries: China, India, the
United Kingdom, the United States and Denmark. It was found that
India, with costs equivalent to 2.1% of GDP being incurred as a
result of diabetes in 2007, is currently bearing the heaviest
relative costs. Among the developed countries in the study, the US
faces the biggest burden, with costs equivalent to 1.3% of GDP. The
cost of treatment is high but the cost of doing nothing is far
greater, the report concludes. If countries do not invest in
prevention, early diagnosis and treatment, the costs are likely to
escalate dramatically in the future.
In addition to exploring the economic cost of diabetes, the report
examines some of the barriers that are preventing the diabetes
epidemic from being more effectively addressed, and looks at a number
of innovative approaches being taken to combat diabetes in both
developed and developing countries. It highlights the need for
greater measurement and transparency to more accurately calculate the
real economic burden of diabetes and calls for more collaboration
between policy-makers, healthcare providers and industry to develop
more effective health education, diseases awareness programmes and
policies.
Novo Nordisk increases transparency on clinical trials
Novo Nordisk has launched a new website dedicated to clinical trials.
The new clinical trials portal will provide an overview of all Novo
Nordisk's clinical trials in phases 2 and 3 as well as trials being
conducted after launch. It also provides information about Novo
Nordisk's global ethical standards and guidelines for clinical
trials. Novo Nordisk has published the results of its clinical trials
on www.ClinicalStudyResults.org and the US government registry
www.clinicaltrials.gov since 2005. The new site at
novonordisk-trials.com makes the information available directly.
Legal issues update
US hormone therapy litigation
As of 2 August 2007, Novo Nordisk Inc., as well as the majority of
hormone therapy product manufacturers in the US, is a defendant in
product liability lawsuits related to hormone therapy products. These
lawsuits currently involve a total of 43 individuals who allege use
of a Novo Nordisk hormone therapy product. These products (Activella®
and Vagifem®) have been sold and marketed in the US since 2000. Until
July 2003, the products were sold and marketed exclusively in the US
by Pharmacia & Upjohn Company (now Pfizer Inc.). Further, an
additional 28 individuals currently allege, in relation to similar
lawsuits against Pfizer Inc., that they also have used a Novo Nordisk
hormone therapy product. While Novo Nordisk does not have any court
trials scheduled for 2007 and does not presently expect to have a
trial scheduled before 2008, one of the 28 individuals who filed suit
against Pfizer alleging use of Activella® has a trial tentatively
scheduled for December 2007. Novo Nordisk does not expect the pending
claims to impact Novo Nordisk's financial outlook
SoloStar® litigation
On 10 July 2007, Novo Nordisk filed a lawsuit against Sanofi-Aventis
for insulin delivery device patent infringement. The lawsuit was
filed in the US District Court for the District of New Jersey and
named Sanofi-Aventis as defendant. The lawsuit alleges
Sanofi-Aventis's SoloStar® pen system infringes a Novo Nordisk US
patent relating to mechanisms for injecting and dose-setting and
seeks both an injunction and monetary damages.
Conference call details
At 13.00 CET today, corresponding to 7.00 am New York time, a
conference call will be held. Investors will be able to listen in via
a link on novonordisk.com, which can be found under 'Investors -
Download centre'. Presentation material for the conference call will
be made available approximately one hour before on the same page.
Forward-looking statement
The above contains forward-looking statements as the term is defined
in the US Private Securities Litigation Reform Act of 1995. This in
particular relates to information included under the headings
'Outlook 2007', 'Research and development update' and 'Legal issues
update' with reference to plans, forecasts, expectations, strategies,
projections and assessment of risks. Words such as 'believe',
'expect', 'may', 'will', 'plan', 'strategy', 'prospect', 'foresee',
'estimate', 'project', 'anticipate', 'can', 'intend' and similar
words identify forward-looking statements.
Examples of such forward-looking statements include, but are not
limited to: (i) statements of plans, objectives or goals for future
operations including those related to Novo Nordisk's products,
product research, product introductions and product approvals as well
as co-operations in relation thereto, (ii) statements containing
projections of revenues, income (or loss), earnings per share,
capital expenditures, dividends, capital structure or other net
financials, (iii) statements of future economic performance and (iv)
statements of the assumptions underlying or relating to such
statements.
These statements are based on current plans, estimates and
projections, and therefore undue reliance should not be placed on
them. Moreover, such statements are not guarantees of future results.
By their very nature, forward-looking statements involve inherent
risks and uncertainties, both general and specific, and risks exist
that the predictions, forecasts, projections and other
forward-looking statements will not be achieved. Novo Nordisk
cautions that a number of important factors could cause actual
results to differ materially from the plans, objectives,
expectations, estimates and intentions expressed in such
forward-looking statements.
Factors that may affect future results include, but are not limited
to, interest rate and currency exchange rate fluctuations, delay or
failure of development projects, interruptions of supplies and
production, product recall, pressure on insulin prices, unexpected
contract breaches or terminations, government-mandated or
market-driven price decreases for Novo Nordisk's products,
introduction of competing products, Novo Nordisk's ability to
successfully market current and new products, exposure to product
liability and other legal proceedings and investigations, changes in
reimbursement rules and governmental laws and related interpretation
thereof, perceived or actual failure to adhere to ethical marketing
practices, developments in international activities, which also
involve certain political risks, investments in and divestitures of
domestic and foreign companies and unexpected growth in costs and
expenses.
Risks and uncertainties are further described in reports filed by
Novo Nordisk with the US Securities and Exchange Commission (SEC),
including the company's Form 20-F for 2006 filed with the US SEC in
February 2007, and to the section 'Risk management' of the Annual
Report 2006 available on our website (novonordisk.com).
Forward-looking statements speak only as of the date they were made,
and unless required by law Novo Nordisk is under no duty and
undertakes no obligation to update or revise any of them, after the
distribution of this Stock Exchange Announcement, whether as a result
of new information, future events or otherwise.
Management statement
Today, the Board of Directors and Executive Management reviewed and
approved the interim report and accounts of Novo Nordisk A/S for the
first six months of 2007.
The interim report and accounts have been prepared in accordance with
International Financial Reporting Standards and the additional Danish
disclosure requirements applying to listed companies' interim reports
and accounts.
In our opinion the accounting policies used are appropriate and the
overall presentation of the interim report and accounts is adequate.
Furthermore, in our opinion the interim report and accounts give a
true and fair view of the Group's assets, liabilities, financial
position and of the results of the operations and consolidated cash
flows for the period under review.
Bagsværd 3 August 2007
Executive Management:
Lars Rebien Sørensen Jesper Brandgaard
President and CEO CFO
Lise Kingo Kåre Schultz Mads Krogsgaard Thomsen
Board of Directors:
Sten Scheibye Göran A Ando
Chairman Vice chairman
Kurt Briner Henrik Gürtler Johnny Henriksen
Niels Jacobsen Anne Marie Kverneland Kurt Anker Nielsen
Søren Thuesen
Pedersen Stig Strøbæk Jørgen Wedel
Contacts for further information
Media: Investors:
Outside North America: Outside North America:
Mike Rulis Mads Veggerby Lausten
Tel (direct): (+45) 4442 3573 Tel (direct): (+45) 4443 7919
E-mail: mike@novonordisk.com E-mail: mlau@novonordisk.com
Hans Rommer
Tel (direct): (+45) 4442 4765
E-mail: hrmm@novonordisk.com
In North America: In North America:
Lori Moore Christian Qvist Frandsen
Tel (direct): (+1) 609 919 7991 Tel (direct): (+1) 609 919 7937
E-mail: lrmo@novonordisk.com E-mail: cqfr@novonordisk.com
Further information on Novo Nordisk is available on the company's
internet homepage at the address: novonordisk.com
The following appendices can be seen in the attached PDF file
Appendix 1 - Quarterly numbers in DKK
Appendix 2 - Quarterly numbers in EUR
Appendix 3 - Income statement
Appendix 4 - Balance sheet
Appendix 5 - Condensed cash flow statement
Appendix 6 - Statement of changes in equity
Stock Exchange Announcement no 20 / 2007
