Financial statement for the period 1 January 2007 to 30 September 2007 Novo Nordisk increased operating profit by 11% in the first nine months of 2007 based on a 9% sales increase and an improved gross margin * Novo Nordisk increased sales by 14% in local currencies and by 9% in Danish kroner due to a significant negative currency development. o Sales of modern insulins increased by 37% (31% in Danish kroner). o Sales of NovoSeven® increased by 10% (4% in Danish kroner). o Sales of Norditropin® increased by 12% (7% in Danish kroner). o Sales in North America increased by 25% (15% in Danish kroner). * Gross margin increased to 76.7% in the first nine months of 2007 up from 75.2% in the same period last year, primarily reflecting continued productivity improvements. * Operating profit increased by 11% to DKK 7,815 million. Adjusted for the impact from currencies, underlying operating profit increased by more than 20%. * Net profit increased by 60% to DKK 7,545 million, primarily reflecting the divestment of Dako's business activities in the second quarter of 2007. Earnings per share (diluted) increased by 62% to DKK 23.63. * The expectation for full-year sales growth is still 11-14% measured in local currencies and now 6-9% as reported due to the depreciation of key invoicing currencies. Full-year operating profit growth remains unchanged around 20% measured in local currencies and is now expected to be close to 10% as reported. * In October, Novo Nordisk received marketing authorisation for Levemir® in Japan for both type 1 and type 2 diabetes including combination treatment with oral antidiabetics. Lars Rebien Sørensen, president and CEO, said: "Our portfolio of modern insulins continues to show strong sales growth in all key markets. Within the next few months we will be launching Levemir® in FlexPen® in Japan, which will further support growth in the coming years." Financial statement for the first nine months of 2007 This interim report has been prepared in accordance with International Financial Reporting Standards (IAS 34). 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 9M 2006 to 9M Income statement 9M 2007 9M 2006 2007 Sales 30,885 28,256 9% Gross profit 23,693 21,252 11% Gross margin 76.7% 75.2% Sales and distribution costs 9,151 8,277 11% Percent of sales 29.6% 29.3% Research and development 5,125 4,406 16% costs Percent of sales 16.6% 15.6% Administrative expenses 1,831 1,742 5% Percent of sales 5.9% 6.2% Licence fees and other 229 184 24% operating income Operating profit 7,815 7,011 11% Operating margin 25.3% 24.8% Net financials 1,809 (257) - Profit before tax 9,624 6,754 42% Net profit 7,545 4,728 60% Net profit margin 24.4% 16.7% Other key numbers Depreciation, amortisation 1,611 1,568 3% and impairment losses Capital expenditure 1,549 1,888 (18%) Cash flow from operating 7,489 7,379 1% activities Free cash flow 5,814 5,146 13% Total assets 48,423 43,744 11% Equity 33,161 28,288 17% Equity ratio 68.5% 64.7% Average number of shares outstanding (million) - diluted 319.3 323.8 (1%) Diluted earnings per share 23.63 14.60 62% (in DKK) Full-time employees at the 25,206 23,071 9% 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 nine 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 9M 2007 as in local growth DKK reported currencies in local million currencies The diabetes care segment Modern insulins 10,097 31% 37% 71% Human insulins 9,456 (5%) (1%) (2%) Insulin-related sales 1,301 11% 15% 4% Oral antidiabetic products 1,637 11% 16% 6% Diabetes care - total 22,491 11% 16% 79% The biopharmaceuticals segment NovoSeven® 4,346 4% 10% 10% Growth hormone therapy 2,586 7% 12% 7% Other products 1,462 5% 11% 4% Biopharmaceuticals - total 8,394 5% 11% 21% Total sales 30,885 9% 14% 100% Sales development by regions In the first nine 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 25%, respectively, of the total sales growth. Europe contributed 17% and Japan & Oceania 4% of the sales growth in the first nine months of 2007. Sales in North America in the first nine 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 be more evenly distributed between quarters. Diabetes care Sales of diabetes care products increased by 16% in local currencies and by 11% in Danish kroner to DKK 22,491 million compared to the first nine months of 2006. Modern insulins, human insulins and insulin-related products Sales of modern insulins, human insulins and insulin-related products increased by 15% measured in local currencies and by 11% in Danish kroner to DKK 20,854 million. All regions contributed to growth measured in local currencies, with North America and International Operations having the highest growth rates. Novo Nordisk continues to be the global leader with 53% of the total insulin market and 42% of the modern insulin market, both measured by volume. Sales of modern insulins increased by 37% in local currencies in the first nine months of 2007 and by 31% in Danish kroner to DKK 10,097 million. All regions realised solid growth rates, with North America and Europe as the primary contributors to growth. Sales of modern insulins contributed 71% of the overall growth in local currencies and now constitute 52% of Novo Nordisk's sales of insulins. North America Sales in North America increased by 30% in local currencies in the first nine months of 2007 and by 20% in Danish kroner, reflecting a solid penetration of the modern insulins Levemir®, NovoLog® and NovoLog® Mix 70/30. 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 all sales representatives are now trained and in the field promoting the portfolio of modern insulins. Europe Sales in Europe increased by 6% 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 50% 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 17% in Danish kroner. The main growth driver in the first nine months of 2007 was sales of modern insulins, primarily in Turkey, China and Russia. Furthermore, sales of human insulins continue to add to overall growth in the region, driven by China. The key contributor to growth in the region is China, accounting for more than 40% of the total sales growth in the first nine months of 2007. Sales growth in the first nine 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 4% measured in Danish kroner. The sales development reflects sales growth for modern insulins, NovoRapid® and NovoRapid® 30 Mix, both of which are increasingly being sold in the leading prefilled delivery device, FlexPen®. Novo Nordisk holds 74% of the total insulin market in Japan and 63% of the modern insulin market, both measured by volume, and is capturing the predominant share of growth in the modern insulin market. Oral antidiabetic products (NovoNorm®/Prandin®) Sales of oral antidiabetic products increased by 16% in local currencies and by 11% in Danish kroner to DKK 1,637 million compared to the same period in 2006. This primarily reflects increased sales in International Operations and North America mainly due to an increased market share 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 8,394 million compared to the first nine months of 2006. NovoSeven® Sales of NovoSeven® increased by 10% in local currencies and by 4% in Danish kroner to DKK 4,346 million compared to the same period last year. Sales growth for NovoSeven® was primarily realised in North America. The sales growth for NovoSeven® during the first nine months of 2007 primarily reflected increased sales within the congenital bleeding disorder segments. Treatment of spontaneous bleeds for congenital inhibitor patients remains the largest area of use. Growth hormone therapy (Norditropin®) Sales of Norditropin® (ie growth hormone in a liquid, ready-to-use formulation) increased by 12% measured in local currencies and by 7% measured in Danish kroner to DKK 2,586 million. All regions, and especially North America and Europe, contributed to growth measured in local currencies. Other products Sales of other products within biopharmaceuticals, which predominantly consist of hormone replacement therapy (HRT) related products, increased by 11% in local currencies and by 5% in Danish kroner to DKK 1,462 million. This development primarily reflects continued sales progress in the US market for Vagifem®, Novo Nordisk's topical oestrogen product, and is furthermore supported by the recent launch of Activella® low-dose in the US. Novo Nordisk continues to be the second largest company within the global HRT market. Costs, licence fees and other operating income The cost of goods sold was DKK 7,192 million compared to DKK 7,004 million in the same period last year, representing a gross margin of 76.7% compared to 75.2% in the first nine 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 0.9 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 16,107 million. The increase primarily 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 which was recorded in the first quarter of 2007. 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 nine months of 2007 were DKK 229 million, positively impacted by a non-recurring income in the first quarter of 2007 related to the out-licensing of an oral antidiabetic compound. Net financials Net financials showed a net income of DKK 1,809 million in the first nine months of 2007 compared to a net expense of DKK 257 million in the same period in 2006. Included in net financials is the result from associated companies with an income of DKK 1,233 million, primarily related to the non-recurring 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 148 million in the same period in 2006. The foreign exchange result was an income of DKK 664 million compared to a loss of DKK 103 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 nine months of 2007 compared to the exchange rate level prevailing in 2006. Outlook 2007 Novo Nordisk still expects 11-14% growth in sales for 2007, measured in local currencies. Given the current level of exchange rates versus Danish kroner, the reported sales growth for 2007 is now expected to be 6-9%. For 2007, the expectation for operating profit growth measured in local currencies remains unchanged around 20% and is reflecting a sustainable improvement in gross margin. The expectation for operating profit growth as reported is now close to 10%, reflecting the 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 release of the results for the first six months of 2007 on 3 August 2007. Novo Nordisk now expects a net financial income of around DKK 1,950 million for 2007, 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 non-recurring 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 around 22%. The tax rate in 2007 includes two non-recurring effects. Firstly, the tax rate includes a non-recurring effect of around 3 percentage points from Novo Nordisk's divestment of the ownership of Dako's business activities and, secondly, the tax rate includes 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 reduced Danish corporation tax rate of 25%. Capital expenditure is now expected to be around DKK 2.5 billion in 2007. Expectations for depreciation, amortisation and impairment losses are still around DKK 2.3 billion, and free cash flow is now expected to be around DKK 7.5 billion, which includes an expected positive cash flow impact in the fourth quarter of 2007 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, 15 and 9 months, respectively. The financial impact from foreign exchange hedging is included in 'Net financials'. With regard to the financial outlook for 2008 it is Novo Nordisk's intention to provide detailed guidance on expectations in connection with the full-year release of financial results for 2007, scheduled for 31 January 2008. At present, the preliminary plans for 2008 indicate a growth measured in Danish kroner in sales and operating profit, respectively, at the level of 10%, despite the present currency exchange rate environment for especially the US dollar. These preliminary plans reflect expectations of a continued solid penetration of the portfolio of modern insulins as well as progress for key products within biopharmaceuticals, but also an expectation of continued intense competition within the diabetes care area. The preliminary plans for growth in operating profit in 2008 also reflect a continued improvement of the gross margin as well as increased R&D spending relative to sales due to a high level of clinical development activities. Research and development update Diabetes care As communicated on 22 October 2007, Novo Nordisk has received marketing authorisation for the use of Levemir® for the treatment of diabetes from the Japanese Ministry of Health, Labour and Welfare. Novo Nordisk expects to launch Levemir® in Japan before the end of 2007, thus becoming the first company in Japan to offer a complete portfolio of modern rapid-acting, pre-mixed and basal insulins. In August and September, Novo Nordisk announced the clinical results from three of the five phase 3 studies to be used for the regulatory filing of the once-daily human GLP-1 analogue liraglutide (the LEAD® 1, LEAD® 2 and LEAD® 4 studies). In the LEAD® 1 study all patients were treated with glimepiride and randomised to add-on treatment with placebo, rosiglitazone or liraglutide for 26 weeks. In the LEAD® 2 study all patients were given metformin and randomised to treatment with placebo, glimepiride or liraglutide for 26 weeks. In both studies an HbA1c reduction of approximately 1 to 1.5 percentage points was observed for liraglutide-treated patients, bringing around 40% of patients within the American Diabetes Association (ADA) goal of HbA1c < 7% at study completion. This was achieved from an HbA1c baseline level of just below 8.5%. Furthermore, a weight difference of between 2 and 4 kg in favour of liraglutide was found when compared to rosiglitazone and glimepiride treatment, respectively. The average body weight was 80 to 90 kg at the beginning of the studies. As would be expected from a study in which all patients received glimepiride treatment, hypoglycaemia related to the degree of blood glucose control was observed in all study arms of the LEAD® 1 study. In the LEAD® 2 study, liraglutide-treated patients achieved blood glucose control in the presence of hypoglycaemia rates similar to placebo, contrasting with the glimepiride-treated group where hypoglycaemia occurred in a larger number of patients, related to the degree of blood glucose control. The LEAD® 4 study investigated the effect of liraglutide in combination with metformin and rosiglitazone. From an average HbA1c level at the beginning of the study of around 8.5% and an average body weight of just above 95 kg, more than 50% of the patients in the liraglutide-treated group reached the ADA goal of HbA1c < 7%. The HbA1c reduction achieved in the liraglutide-treated group was close to 1.5 percentage points compared to baseline. In addition, a weight difference of around 2.5 kg compared to placebo in favour of liraglutide was observed. As expected, a low rate of hypoglycaemic events was reported, and these were related to the degree of blood glucose control. The three LEAD® studies showed that liraglutide in combination with either glimepiride or metformin or metformin and rosiglitazone is well tolerated. The most frequently reported adverse event during liraglutide treatment was nausea, reported by between 5-20% of the subjects in the LEAD® 1 and 2 studies, and between 30-40% in the LEAD® 4 study with a frequency decreasing over time. As part of the longer term life-cycle management initiatives supporting the GLP-1 franchise, Novo Nordisk has initiated a phase 1 study with a longer-acting human GLP-1 analogue. Based on Novo Nordisk's protein-acylation technology, the compound is designed for once-weekly treatment with expected administration in a convenient injection device. In August, Novo Nordisk submitted a New Drug Application to the US Food and Drug Administration for the NovoNorm®/metformin combination tablet PrandiMet(TM). This tablet formulation combines the short-acting insulin secretagogue repaglinide with the insulin sensitising agent metformin in a single tablet and thereby offers an effective and simplified mealtime regimen for type 2 diabetes. Biopharmaceuticals In September, Novo Nordisk received approval from the US Food and Drug Administration (FDA) for treatment with Norditropin® of children with short stature associated with Turner's syndrome. With this indication approved physicians can treat patients with Norditropin® at higher dosing levels than previously. Results from a clinical trial have illustrated that treatment with Norditropin® at a higher dose level resulted in a higher share of the Turner's syndrome patients reaching a normal adult height compared to the previously used dosing level. In September, the FDA approved Nordiflex PenMate(TM), which is an accessory to the Norditropin Nordiflex® prefilled pen that conceals the needle and enables easy auto-insertion. This represents an advance for patients who suffer from needle anxiety by making the injection more discreet and convenient. Within HRT, a national-level approval of Activelle® low-dose was obtained in Sweden in August 2007. Based on the Swedish approval, the European Mutual Recognition Procedure has now been initiated in the rest of Europe to obtain national marketing approvals. Finally, as part of the joint IL-21 programme with ZymoGenetics within oncology, Novo Nordisk has initiated a phase 1/2 study with IL-21 in combination with doxorubicin for the use in ovarian cancer comprising up to 80 patients. Equity Total equity was DKK 33,161 million at the end of the first nine months of 2007, equal to 68.5% 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 30 October 2007, Novo Nordisk A/S and its wholly-owned affiliates owned 10,467,449 of its own B shares, corresponding to 3.24% of the total share capital. During the period from 1 January to 30 October 2007, Novo Nordisk repurchased a total of 5,198,750 B shares equal to a cash value of DKK 3.2 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 now expects to repurchase B shares equal to a cash value of around DKK 4.5 billion. Sustainability issues update Diabetes Youth Charter addresses burden of juvenile diabetes In September, Novo Nordisk and the International Diabetes Federation (IDF) launched the Diabetes Youth Charter, an expert review into existing data and global trends in the area of childhood diabetes. It is now recognised that diabetes in children is on the rise and affects children in both developed and developing countries. The Charter looks at epidemiology, organisation and delivery of care, as well as the psychosocial and the socio-economic impact of diabetes, and provides a solid platform for strategies to improve prevention and diabetes care. Actions to promote better outcomes include lifestyle changes, early detection, intensive treatment and improved care strategies, and diabetes self-management education. Novo Nordisk is rated healthcare leader in the Dow Jones Sustainability Indexes Novo Nordisk ranks as best-in-class in healthcare - one of 18 global supersectors - in Dow Jones Sustainability Indexes, the world's leading indexes for sustainability-driven investment portfolios. This ranking is a result of the latest global analysis of corporate sustainability leadership, based on a thorough analysis of companies' economic, environmental and social performance. The analysis concludes that "Novo Nordisk is the leading company in terms of sustainability in the pharmaceutical industry. Sustainability is an integral part of its corporate strategy and business organisation." Novo Nordisk's performance is found to be particularly strong in the social dimension - human capital development, corporate citizenship/ philanthropy, social reporting, animal testing and bioethics. Also the company's responsible sourcing, environmental management and climate strategy achieve high scores. Legal issues update US hormone therapy litigation As of 30 October 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 45 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. 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 April 2008. 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 patent infringement. The lawsuit was filed in the US District Court for the District of New Jersey and alleges that Sanofi-Aventis's SoloStar® pen system infringes a Novo Nordisk US patent. In addition, Novo Nordisk filed two patent infringement lawsuits against Sanofi-Aventis in Germany: one in Dusseldorf, alleging that SoloStar® infringes a European patent owned by Novo Nordisk, and one in Mannheim, alleging that SoloStar® infringes a German utility model patent owned by Novo Nordisk. All of the patents relate to mechanisms for injecting and dose-setting and all of the lawsuits seek both injunctive relief and monetary damages. Conference call details At 13.00 CET today, corresponding to 8.00 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 nine months of 2007. The interim report and accounts have been prepared in accordance with International Financial Reporting Standards (IAS 34) 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 31 October 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: Sean Clements Christian Qvist Frandsen Tel (direct): (+1) 609 514 8316 Tel (direct): (+1) 609 919 7937 secl@novonordisk.com E-mail: cqfr@novonordisk.com Appendix 1: Quarterly Numbers in DKK (Amounts in DKK million, except number of employees, earnings per share and number of shares outstanding.) % Change Q3 2006 - Q3 2007 2006 2007 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Sales 10,504 10,563 9,818 10,487 9,583 9,727 8,946 10% Gross profit 7,990 8,205 7,498 7,906 7,246 7,475 6,531 10% Gross margin 76,1% 77,7% 76,4% 75,4% 75,6% 76,8% 73,0% Sales and distribution costs 2,993 3,110 3,048 3,331 2,699 2,850 2,728 11% Percent of sales 28,5% 29,4% 31,0% 31,8% 28,2% 29,3% 30,5% Research and development costs 1,724 1,754 1,647 1,910 1,489 1,498 1,419 16% Percent of sales 16,4% 16,6% 16,8% 18,2% 15,5% 15,4% 15,9% Administrative expenses 623 594 614 645 605 557 580 3% Percent of sales 5,9% 5,6% 6,3% 6,2% 6,3% 5,7% 6,5% Licence fees and other operating income (net) 31 60 138 88 49 59 76 -37% Operating profit 2,681 2,807 2,327 2,108 2,502 2,629 1,880 7% Operating margin 25,5% 26,6% 23,7% 20,1% 26,1% 27,0% 21,0% Share of profit/(loss) in associated companies (57) 1,350 (60) (112) (30) (58) (60) 90% Financial income 322 297 309 579 139 102 111 132% Financial expenses 90 60 202 165 77 182 202 17% Profit before income taxes 2,856 4,394 2,374 2,410 2,534 2,491 1,729 13% Net profit 2,184 3,652 1,709 1,724 1,774 1,743 1,211 23% Depreciation, amortisation and impairment losses 586 516 509 574 600 508 460 -2% Capital expenditure 597 508 444 899 671 622 595 -11% Cash flow from operating activities 3,500 1,438 2,551 359 3,520 1,768 2,091 -1% Free cash flow 2,888 826 2,100 (439) 2,684 996 1,466 8% Equity 33,161 33,475 29,676 30,122 28,288 28,908 27,042 17% Total assets 48,423 48,300 44,742 44,692 43,744 43,145 41,299 11% Equity ratio 68,5% 69,3% 66,3% 67,4% 64,7% 67,0% 65,5% Full-time employees at the end of the period 25,206 24,729 24,045 23,172 23,071 22,792 22,556 9% Basic earnings per share (in DKK) 6,91 11,49 5,38 5,44 5,54 5,40 3,74 25% Diluted earnings per share (in DKK) 6,86 11,41 5,35 5,40 5,51 5,37 3,72 25% Average number of shares outstanding (million)* 316,0 317,9 317,5 317,1 320,1 322,9 323,6 -1% Average number of shares outstanding incl dilutive effect of options 'in the money' (million)* 318,2 320,1 319,7 319,2 321,8 324,5 325,2 -1% Sales by business segments: Modern insulins (insulin analogues) 3,568 3,464 3,065 3,122 2,701 2,678 2,324 32% Human insulins *** 3,098 3,222 3,136 3,519 3,306 3,301 3,325 -6% Insulin-related sales *** 445 437 419 431 391 406 378 14% Oral antidiabetic products (OAD) 585 529 523 508 516 483 477 13% Diabetes care total 7,696 7,652 7,143 7,580 6,914 6,868 6,504 11% NovoSeven® 1,427 1,508 1,411 1,470 1,393 1,507 1,265 2% Growth hormone therapy 878 924 784 897 821 882 709 7% Hormone replacement therapy 414 411 406 455 383 396 373 8% Other products 89 68 74 85 72 74 95 24% Biopharma- ceuticals total 2,808 2,911 2,675 2,907 2,669 2,859 2,442 5% Sales by geographic segments: Europe ** 4,036 4,035 3,931 4,013 3,843 3,903 3,541 5% North America 3,500 3,424 3,214 3,486 3,062 2,968 2,764 14% International Operations ** 1,870 1,953 1,696 1,690 1,539 1,648 1,617 22% Japan & Oceania 1,098 1,151 977 1,298 1,139 1,208 1,024 -4% Segment operating profit: Diabetes care 1,487 1,600 1,247 1,198 1,296 1,490 998 15% Biopharmaceuticals 1,194 1,207 1,080 910 1,206 1,139 882 -1% *) For Q3 2007 the exact numbers of 'Average number of shares outstanding' and 'Average number of shares outstanding incl dilutive effect of options 'in the money' are 315,976,234 and 318,177,897 respectively. **) Comparative figures from 2006 have been adjusted in order to reflect a changed organisational structure from 1 January 2007 which transfers eight countries, incl. Bulgaria and Romania, from International Operations to Europe. ***) As from Q2 2007 sales figures for Human insulins and Insulin-related sales are presented separately. Comparative figures are adjusted accordingly. Appendix 2: Quarterly numbers in EUR (Amounts in EUR million, except number of employees, earnings per share and number of shares Outstanding.) Key figures are translated into EUR as supplementary information - the translation is based on average exchange rate for income statement and exchange rate at the balance sheet date for balance sheet items. 2007 2006 % Change Q3 2006 - Q3 Q3 Q2 Q1 Q4 Q3 Q2 Q1 2007 Sales 1,411 1,418 1,317 1,406 1,285 1,304 1,199 10% Gross profit 1,074 1,101 1,006 1,060 972 1,002 875 10% Gross margin 76.1% 77.7% 76.4% 75.4% 75.6% 76.8% 73.0% Sales and distribution costs 402 417 409 447 361 382 366 11% Percent of 28.5% 29.4% 31.0% 31.8% 28.2% 29.3% 30.5% sales Research and development costs 232 235 221 256 200 201 190 16% Percent of 16.4% 16,6% 16,8% 18,2% 15,5% 15,4% 15,9% sales Administrative expenses 84 80 82 86 82 74 78 3% Percent of 5,9% 5.6% 6.3% 6.2% 6.3% 5.7% 6.5% sales Licence fees and other operating income (net) 4 8 19 11 7 8 10 -37% Operating profit 360 377 312 283 336 352 252 7% Operating 25.5% 26.6% 23.7% 20.1% 26.1% 27.0% 21.% margin Share of profit/(loss) in associated companies (7) 181 (8) (15) (4) (8) (8) 90% Financial income 44 40 41 78 18 14 15 132% Financial expenses 12 8 27 22 11 24 27 17% Profit before income taxes 384 589 319 324 339 334 232 13% Net profit 294 490 229 231 238 234 162 23% Depreciation, amortisation and impairment losses 78 70 68 77 80 68 62 -2% Capital expenditure 80 68 60 121 90 83 80 -11% Cash flow from operating activities 470 193 342 48 472 237 280 -1% Free cash flow 387 111 282 (59) 360 134 196 8% Equity 4,449 4,498 3,983 4,040 3,793 3,875 3,624 17% Total assets 6,496 6,490 6,005 5,994 5,866 5,784 5,534 11% Equity ratio 68.% 69.% 66.% 67.4% 64.7% 67.0% 65.5% Full-time employees at the end of the period 25,206 24,729 24,045 23,172 23,071 22,792 22,556 9% Basic earnings per share (in EUR) 0.93 1.54 0.72 0.72 0.75 0.72 0.50 25% Diluted earnings per share (in EUR) 0.92 1.53 0.72 0.72 0.74 0.72 0.50 25% Average number of shares outstanding (million)* 316.0 317.9 317.5 317.1 320.1 322.9 323.6 -1% Average number of shares outstanding incl dilutive effect of options 'in the money' (million)* 318.2 320.1 319.7 319.2 321.8 324.5 325.2 -1% Sales by business segments: Modern insulins (insulin analogues) 479 465 411 418 363 359 311 32% Human insulins *** 416 432 421 472 443 442 446 -6% Insulin-related sales *** 60 59 56 57 53 54 51 14% Oral antidiabetic products (OAD) 79 71 70 68 69 65 64 13% Diabetes care Total 1,034 1,027 958 1,015 928 920 872 11% NovoSeven® 191 203 189 197 186 202 170 2% Growth hormone therapy 118 124 105 121 110 118 95 7% Hormone replacement therapy 55 56 54 61 51 53 50 8% Other products 12 9 10 12 9 10 13 24% Biopharma- ceuticals total 376 392 358 391 356 383 328 5% Sales by geographic segments: Europe ** 542 542 527 538 515 523 475 5% North America 470 460 431 467 411 398 370 14% International Operations ** 251 262 228 227 206 221 217 22% Japan & Oceania 147 155 131 174 153 162 137 -4% Segment operating profit: Diabetes care 200 215 167 161 173 200 134 15% Biopharma- ceuticals 160 162 145 122 162 153 118 -1% *) For Q3 2007 the exact numbers of 'Average number of shares outstanding' and 'Average number of shares outstanding incl dilutive effect of options 'in the money' are 315,976,234 and 318,177,897 respectively. **) Comparative figures from 2006 have been adjusted in order to reflect a changed organisational structure from 1 January 2007 which transfers eight countries, incl Bulgaria and Romania, from International Operations to Europe. ***) As from Q2 2007 sales figures for Human insulins and Insulin-related sales are presented Separately. Comparative figures are adjusted accordingly. Appendix 3: Income Statement 9M 9M Q3 Q3 DKK million 2007 2006 2007 2006 Sales 30,885 28,256 10,504 9,583 Cost of goods sold 7,192 7,004 2,514 2,337 Gross profit 23,693 21,252 7,990 7,246 Sales and distribution costs 9,151 8,277 2,993 2,699 Research and development costs 5,125 4,406 1,724 1,489 Administrative expenses 1,831 1,742 623 605 Licence fees and other operating income (net) 229 184 31 49 Operating profit 7,815 7,011 2,681 2,502 Share of profit/(loss) in associated companies 1,233 (148) (57) (30) Financial income 928 352 322 139 Financial expenses 352 461 90 77 Profit before income taxes 9,624 6,754 2,856 2,534 Income taxes 2,079 2,026 672 760 NET PROFIT 7,545 4,728 2,184 1,774 Basic earnings per share (DKK) 23.79 14.67 6.91 5.54 Diluted earnings per share (DKK) 23.63 14.60 6.86 5.51 Segment sales: Diabetes care 22,491 20,286 7,696 6,914 Biopharmaceuticals 8,394 7,970 2,808 2,669 Segment operating profit: Diabetes care 4,334 3,784 1,487 1,296 Operating margin 19.3% 18.7% 19.3% 18.7% Biopharmaceuticals 3,481 3,227 1,194 1,206 Operating margin 41.5% 40.5% 42.5% 45.2% Appendix 4: Balance sheet DKK million 30 Sep 2007 31 Dec 2006 30 Sep 2006 ASSETS Intangible assets 750 639 665 Property, plant and equipment 20,358 20,350 20,292 Investments in associated companies 2,044 788 732 Deferred income tax assets 1,849 1,911 1,285 Other financial assets 162 169 260 TOTAL LONG-TERM ASSETS 25,163 23,857 23,234 Inventories 8,876 8,400 8,179 Trade receivables 6,176 5,163 5,029 Tax receivables 337 385 766 Other receivables 1,831 1,784 1,512 Marketable securities and financial derivatives 1,864 1,833 1,483 Cash at bank and in hand 4,176 3,270 3,541 TOTAL CURRENT ASSETS 23,260 20,835 20,510 TOTAL ASSETS 48,423 44,692 43,744 EQUITY AND LIABILITIES Share capital 647 674 674 Treasury shares (20) (39) (40) Retained earnings 31,738 28,810 26,995 Other comprehensive income 796 677 659 TOTAL EQUITY 33,161 30,122 28,288 Long-term debt 1,132 1,174 1,184 Deferred income tax liabilities 2,048 1,998 2,103 Provision for pensions 416 330 343 Other provisions 900 911 338 Total long-term liabilities 4,496 4,413 3,968 Short-term debt and financial derivatives 152 338 302 Trade payables 1,510 1,712 1,154 Tax payables 1,286 788 1,941 Other liabilities 5,286 4,863 5,293 Other provisions 2,532 2,456 2,798 Total current liabilities 10,766 10,157 11,488 TOTAL LIABILITIES 15,262 14,570 15,456 TOTAL EQUITY AND LIABILITIES 48,423 44,692 43,744 Appendix 5: Condensed cash flow statement DKK million 9M 2007 9M 2006 Net profit 7,545 4,728 Adjustment for non-cash items 3,157 4,389 Income taxes paid and net interest received (1,492) (1,117) Cash flow before change in working capital 9,210 8,000 Net change in working capital (1,721) (621) Cash flow from operating activities 7,489 7,379 Net investments in intangible assets and long-term financial assets (126) (345) Capital expenditure for property, plant and equipment (1,549) (1,888) Net change in marketable securities (maturity exceeding three months) 3 511 Net cash used in investing activities (1,672) (1,722) Cash flow from financing activities (4,746) (4,837) NET CASH FLOW 1,071 820 Unrealised gain/(loss) on exchange rates and marketable securities included in cash and cash equivalents (1) (16) Net change in cash and cash equivalents 1,070 804 Cash and cash equivalents at the beginning of the year 2,985 2,483 Cash and cash equivalents at the end of the period 4,055 3,287 Bonds with original term to maturity exceeding three months 994 999 Undrawn committed credit facilities 7,454 7,458 FINANCIAL RESOURCES AT THE END OF THE PERIOD 12,503 11,744 Cash flow from operating activities 7,489 7,379 + Net cash used in investing activities (1,672) (1,722) -Net change in marketable securities (maturity exceeding three months) 3 511 FREE CASH FLOW 5,814 5,146 Appendix 6: Statement of changes in equity Other comprehensive income Ex- Deferred Change gain/loss rate on cash Other Share- Treasury Retained adjust- flow adjust- DKK million capital shares earnings ments hedges ments Total 9M 2007 Balance at the beginning of the year 674 (39) 28,810 156 420 101 30,122 Exchange rate adjustment of investments in subsidiaries 24 24 Deferred (gain)/loss on cash flow hedges at the beginning of the year recognised in the Income statement for the period (420) (420) Deferred gain/(loss) on cash flow hedges at the end of the period 485 485 Other adjustments 30 30 Net income recognised directly in equity - - - 24 65 30 119 Net profit for the period 7,545 7,545 Total income for the period - - 7,545 24 65 30 7,664 Share-based payment 104 104 Purchase of treasury shares (9) (2,708) (2,717) Sale of treasury shares 1 208 209 Reduction of the B share capital (27) 27 - Dividends (2,221) (2,221) Balance at the end of the period 647 (20) 31,738 180 485 131 33,161 9M 2006 Balance at the beginning of the year 709 (61) 26,962 142 (345) 227 27,634 Exchange rate adjustment of investments in subsidiaries 71 71 Deferred (gain)/loss on cash flow hedges at the beginning of the year recognised in the Income statement for the period 345 345 Deferred gain/(loss) on cash flow hedges at the end of the period 226 226 Other adjustments (7) (7) Net income recognised directly in equity - - - 71 571 (7) 635 Net profit for the period 4,728 4,728 Total income for the period - - 4,728 71 571 (7) 5,363 Share-based payment 76 76Purchase of treasury shares (15) (2,985) (3,000) Sale of treasury shares 1 159 160 Reduction of the B share capital (35) 35 - Dividends (1,945) (1,945) Balance at the end of the period 674 (40) 26,995 213 226 220 28,288 Stock Exchange Announcement no 29 / 2007