SOURCE: Novo Nordisk A/S

October 29, 2009 03:16 ET

3rd Quarter Results

BAGSVAERD, DENMARK--(Marketwire - October 29, 2009) - Interim financial report for the period 1 January 2009 to 30 September 2009


Novo Nordisk increased operating profit by 30% in the first nine months of 2009



  * Sales increased by 15% in Danish kroner and by 11% in local
    currencies.

o        Sales of modern insulins increased by 28% (24% in local
currencies).
o        Sales of NovoSeven® increased by 15% (11% in local
currencies).
o        Sales of Norditropin® increased by 15% (9% in local
currencies).
o        Sales in North America increased by 29% (17% in local
currencies).
o        Sales in International Operations increased by 18% (16% in
local currencies).


  * Gross margin improved by 2.5 percentage points to 79.5% in the
    first nine months of 2009, primarily reflecting continued
    productivity improvements and a positive currency impact of
    around 1 percentage point.



  * Reported operating profit increased by 30% to DKK 11,714 million.
    Adjusted for the impact from currencies and non-recurring costs
    in 2008 related to the discontinuation of all pulmonary delivery
    projects, underlying operating profit increased by around 15%.



  * Net profit increased by 15% to DKK 8,445 million. Earnings per
    share (diluted) increased by 18% to DKK 13.90.



  * Novo Nordisk continues the constructive dialogue with the United
    States Food and Drug Administration (FDA) regarding the
    regulatory process for liraglutide. Formal feedback from the FDA
    regarding liraglutide, a once-daily human GLP-1 analogue, is
    still expected in the fourth quarter of 2009.



  * For 2009, expectations for growth in operating profit measured in
    local currencies are increased to around 15% and reported
    operating profit growth is now expected to be around 3 percentage
    points higher than the operating profit growth in local
    currencies.

Lars Rebien Sørensen, president and CEO, said: "The robust sales growth for our portfolio of modern insulins is the key driver of the solid business performance in the first nine months of 2009. The launch of Victoza® in Europe is progressing well and we are seeing strong in-market penetration in the first-wave launch countries, Germany, the United Kingdom and Denmark."

Financial highlights for the first nine months of 2009

The present unaudited interim financial report for the first nine months of 2009 has been prepared in accordance with IAS 34 'Interim Financial Reporting' as issued by IASB and endorsed by the EU. Furthermore the interim financial report has been prepared in accordance with the additional Danish disclosure requirements for interim reports of listed companies. See 'Accounting policies' in appendix 7 for further information.

Amounts in DKK million, except average number of shares outstanding, earnings per share and full-time employees.


                                                             % change
                                                              9M 2008
Profit and loss                       9M 2009    9M 2008  to  9M 2009

Sales                                  38,016     32,970          15%

Gross profit                           30,213     25,397          19%
Gross margin                            79.5%      77.0%

Sales and distribution costs           11,183      9,308          20%
Percent of sales                        29.4%      28.2%

Research and development costs          5,477      5,417           1%
- hereof discontinuation costs for          -        325            -
pulmonary diabetes projects
Percent of sales                        14.4%      16.4%
Percent of sales adjusted for           14.4%      15.4%
pulmonary diabetes projects

Administrative expenses                 2,038      1,886           8%
Percent of sales                         5.4%       5.7%

Licence fees and other operating          199        213         (7%)
income (net)

Operating profit                       11,714      8,999          30%
Operating margin                        30.8%      27.3%

Net financials                          (718)        626       (215%)
Profit before tax                      10,996      9,625          14%

Net profit                              8,445      7,315          15%
Net profit margin                       22.2%      22.2%

Other key numbers

Depreciation, amortisation and          1,797      1,690           6%
impairment losses
Capital expenditure                     1,696        990          71%

Cash flow from operating activities    11,795      9,659          22%
Free cash flow                          9,930      8,594          16%

Total assets                           52,589     48,990           7%
Equity                                 34,874     32,173           8%
Equity ratio                            66.3%      65.7%

Average number of shares outstanding
(million) - diluted                     607.4      622.8         (2%)

Diluted earnings per share (in DKK)     13.90      11.74          18%

Full-time employees at the end of the  28,497     26,360           8%
period

Sales development by segments

Sales increased by 15% in Danish kroner and by 11% measured in local currencies. Growth was realised within both diabetes care and biopharmaceuticals; the primary growth contribution originated from the modern insulins and NovoSeven®.

                                 Sales   Growth     Growth   Share of
                               9M 2009       as   in local     growth
                                   DKK reported currencies   in local
                               million                     currencies
The diabetes care segment
Modern insulins                 15,757      28%        24%        82%
- NovoRapid®                     7,178      29%        23%        36%
- NovoMix®                       4,810      19%        17%        19%
- Levemir®                       3,769      39%        35%        27%
Human insulins                   8,630     (1%)       (5%)      (12%)
Protein-related products         1,495       9%         5%         2%
Oral antidiabetic products       2,016      13%         7%         4%
Diabetes care - total           27,898      15%        11%        76%

The biopharmaceuticals segment
NovoSeven®                       5,330      15%        11%        14%
Norditropin®                     3,230      15%         9%         7%
Other products                   1,558      12%         7%         3%
Biopharmaceuticals - total      10,118      15%        10%        24%

Total sales                     38,016      15%        11%       100%

Sales development by regions

In the first nine months of 2009, sales growth was realised in all regions. North America was the main contributor with 51% share of growth measured in local currencies. International Operations and Europe contributed 29% and 19%, respectively, of the total sales growth.

Diabetes care

Sales of diabetes care products increased by 15% measured in Danish kroner to DKK 27,898 million and by 11% in local currencies compared with the first nine months of 2008.

Modern insulins, human insulins and protein-related products

In the first nine months of 2009, sales of modern insulins, human insulins and protein-related products increased by 16% in Danish kroner to DKK 25,882 million and by 11% measured in local currencies compared with the same period last year, driven by North America and International Operations. Novo Nordisk continues to be the global leader with 51% of the total insulin market and 45% of the modern insulin market, both measured by volume.

The portfolio of modern insulins is the main contributor to growth and sales increased by 28% in Danish kroner to DKK 15,757 million and by 24% in local currencies compared with the first nine months of 2008. All regions realised solid growth rates, with North America accounting for 52% of the growth followed by Europe and International Operations. Sales of modern insulins now constitute 65% of Novo Nordisk's sales of insulin.

North America

Sales in North America increased by 36% in Danish kroner and by 23% in local currencies in the first nine months of 2009, reflecting a solid penetration of the modern insulins Levemir®, NovoLog® and NovoLog® Mix 70/30. Novo Nordisk maintains its leadership position in the US insulin market with 42% of the total insulin market and 34% of the modern insulin market, both measured by volume. Currently, close to 40% of Novo Nordisk's modern insulin volume in the US is being sold in FlexPen®.

Europe

Sales in Europe were largely unchanged measured in Danish kroner and increased by 4% in local currencies, reflecting continued progress for the portfolio of modern insulins but also declining human insulin sales. Novo Nordisk holds 54% of the total insulin market and 51% of the modern insulin market, both measured by volume, and is capturing the main share of growth in the modern insulin market. The device penetration in Europe remains high with more than 95% of Novo Nordisk's insulin volume being sold in devices, primarily NovoPen® and FlexPen®.

Victoza®, the first once-daily human GLP-1 analogue, has been launched in Germany, the United Kingdom and Denmark, as previously communicated. Launch activities are progressing well in these markets and in-market penetration is in line with best-in-class launches within diabetes care. In Germany, Victoza® has now obtained more than 1% of the total diabetes care market and more than 40% of the GLP-1 market, both measured in weekly value market shares.

International Operations

Sales within International Operations increased by 17% in Danish kroner and by 15% in local currencies. The main contributor to growth in the first nine months of 2009 was sales of modern insulins, primarily in China and Turkey. Furthermore, sales of human insulin, driven by China and India, continue to add to overall growth in the region. The device penetration in China is high with more than 90% of Novo Nordisk's insulin volume sold in devices, primarily NovoPen®.

Japan & Oceania

Sales in Japan & Oceania increased by 18% measured in Danish kroner and decreased by 1% in local currencies. The sales development reflects sales growth for all three modern insulins, NovoRapid®, NovoRapid Mix® 30 and Levemir®, countered by pressure on the overall Novo Nordisk market share due to intense competition. Novo Nordisk holds 68% of the total insulin market in Japan and 60% of the modern insulin market, both measured by volume. The device penetration in Japan remains high with more than 95% of Novo Nordisk's insulin volume being sold in devices, primarily NovoPen® and FlexPen®.

Oral antidiabetic products (NovoNorm®/Prandin®)

In the first nine months of 2009, sales of oral antidiabetic products increased by 13% in Danish kroner to DKK 2,016 million and by 7% in local currencies compared with the same period in 2008.

Biopharmaceuticals

In the first nine months of 2009, sales of biopharmaceutical products increased by 15% measured in Danish kroner to DKK 10,118 million and by 10% measured in local currencies compared with the first nine months of 2008.

NovoSeven®

Sales of NovoSeven® increased by 15% in Danish kroner to DKK 5,330 million and by 11% in local currencies compared with the first nine months of 2008. Sales growth for NovoSeven® was primarily realised in Europe and International Operations. The sales growth for NovoSeven® primarily reflected increased sales within the congenital bleeding disorder segments as well as within acquired haemophilia. Treatment of spontaneous bleeds for congenital inhibitor patients remains the largest area of use.

Norditropin®

Sales of Norditropin® (ie growth hormone in a liquid, ready-to-use formulation) increased by 15% measured in Danish kroner to DKK 3,230 million and by 9% measured in local currencies compared with the first nine months of 2008. North America and Europe were the main contributors to growth measured in local currencies. Novo Nordisk is the second-largest company in the global growth hormone market with 23% market share measured by volume.

Other products

Sales of other products within biopharmaceuticals, which predominantly consist of hormone replacement therapy (HRT)-related products, increased by 12% in Danish kroner to DKK 1,558 million and by 7% in local currencies. This development primarily reflects continued sales progress for Vagifem®, a topical oestrogen product, countered by generic competition in the US for Activella® (Activelle® outside the US), Novo Nordisk's continuous-combined HRT product. The low-dose version of Activelle® was launched in Europe in April 2009 and has been available in the US since 2007.

Development in gross margin and costs

The gross margin increased to 79.5% compared with 77.0% in the same period of 2008. This improvement reflects improved production efficiency, higher average selling prices in the US and a positive product mix effect. The gross margin was positively impacted by around 1 percentage point from a positive currency development, primarily the higher value of the US dollar and the Japanese yen versus the Danish krone compared with the first nine months of 2008.

In the first nine months of 2009, total non-production-related costs increased by 13% to DKK 18,698 million compared with the same period last year. Around one-third of the increase in non-production-related costs, or around 4 percentage points, reflects the higher value of key currencies versus the Danish krone in the first nine months of 2009 compared with the first nine months of 2008. The underlying development in non-production-related costs relates to the expanded sales force in especially the US, the UK, Germany, Japan and China countered by limited growth in research and development costs. The development in research and development costs primarily reflects the timing of phase 3 clinical trial programmes as well as the non-recurring costs of DKK 325 million in the first nine months of 2008 related to the discontinuation of pulmonary diabetes projects.

Net financials

Net financials showed a net expense of DKK 718 million in the first nine months of 2009 compared with a net income of DKK 626 million in the same period of 2008.

For the first nine months of 2009, the foreign exchange result was an expense of DKK 617 million compared with an income of DKK 671 million in the first nine months of 2008. This development reflects losses on foreign exchange hedging of especially US dollars and Japanese yen primarily due to the appreciation of these currencies versus Danish kroner in the first six months of 2009 compared to the exchange rate level prevailing in 2008.

Included in net financials is the result from associated companies with an expense of DKK 53 million, primarily related to Novo Nordisk's share of losses in ZymoGenetics, Inc. In the same period of 2008, the result from associated companies was an expense of DKK 128 million.

Outlook

The current expectations for 2009 are summarised and compared to the previous expectations in the table below (changes highlighted in bold and italic):


+-------------------------------------------------------------------+
| Expectations are as   |       Current       |      Previous       |
| reported, if not      |    expectations     |    expectations     |
| otherwise stated      |   29 October 2009   |    6 August 2009    |
|-----------------------+---------------------+---------------------|
| Sales growth          | At the level of 10% |                     |
|   -  in local         |     Around 1.5      | At the level of 10% |
| currencies            |     percentage      | Around 2 percentage |
|   - as reported       |    points higher    |       points        |
|                       |                     |       higher        |
|-----------------------+---------------------+---------------------|
| Operating profit      |                     |                     |
| growth                |     Around 15%      |       12-14%        |
|   - in local          | Around 3 percentage | Around 4 percentage |
| currencies            |       points        |       points        |
|   - as reported       |       higher        |       higher        |
|                       |                     |                     |
|-----------------------+---------------------+---------------------|
| Net financial expense |   Around DKK 750    |   Around DKK 900    |
|                       |       million       |       million       |
|-----------------------+---------------------+---------------------|
| Effective tax rate    |  Approximately 23%  |  Approximately 23%  |
|-----------------------+---------------------+---------------------|
| Capital expenditure   |   Around DKK 2.5    |   Around DKK 3.0    |
|                       |       billion       |       billion       |
|-----------------------+---------------------+---------------------|
| Depreciation,         |   Around DKK 2.6    |   Around DKK 2.6    |
| amortisation and      |       billion       |       billion       |
| impairment losses     |                     |                     |
|-----------------------+---------------------+---------------------|
| Free cash flow        |   At least DKK 11   |  More than DKK 10   |
|                       |       billion       |       billion       |
+-------------------------------------------------------------------+



Novo Nordisk still expects sales growth in 2009 at the level of 10% measured in local currencies. This is based on expectations of continued market penetration for Novo Nordisk's key strategic products within diabetes care and biopharmaceuticals as well as expectations of continued intense competition. Given the current level of exchange rates versus Danish kroner, the reported sales growth is now expected to be around 1.5 percentage points higher than the growth rate measured in local currencies.

For 2009, growth in operating profit is now expected to be around 15% measured in local currencies. The increased expectations primarily reflect further improvement of the gross margin and slightly lower expected research and development costs for 2009 due to timing of phase 3 clinical trial programmes. Given the current level of exchange rates versus Danish kroner, the reported operating profit growth is now expected to be around 3 percentage points higher than the growth rate measured in local currencies.

For 2009, Novo Nordisk now expects a net financial expense of around DKK 750 million. The current expectation reflects significant foreign exchange hedging losses, primarily related to the US dollar and the Japanese yen.

The effective tax rate for 2009 is still expected to be around 23%.

Capital expenditure is now expected to be around DKK 2.5 billion in 2009, primarily reflecting timing of activities in relation to the new insulin formulation and filling plant in China. Expectations for depreciations, amortisation and impairment losses of around DKK 2.6 billion are unchanged, whereas free cash flow is expected to be at least DKK 11 billion, primarily reflecting the lower level of capital expenditure.

With regard to the financial outlook for 2010 it is Novo Nordisk's intention to provide detailed guidance on expectations in connection with the full-year release of financial results for 2009 scheduled for 2 February 2010. At present, the preliminary plans for 2010 indicate 5-10% sales growth and more than 5% growth in operating profit, both measured in local currencies. Due to an expected negative currency impact following the recent significant depreciation of Novo Nordisk's main invoicing currencies the reported sales growth for 2010 is expected to be around 3.5 percentage points lower than the growth measured in local currencies, whereas the reported operating profit growth is expected to be around 7 percentage points lower than the growth measured in local currencies. The preliminary plans reflect expectations for continued solid penetration of the portfolio of modern insulins, continued global roll-out of Victoza® and progress for key products within biopharmaceuticals. The preliminary plans also reflect expected generic competition for oral antidiabetic products, impact from a potential US healthcare reform, and a continued intense competition within both diabetes care and biopharmaceuticals.

All of the above expectations are based on the assumption that the global economic downturn will not significantly change the business environment for Novo Nordisk during the remainder of 2009 and in 2010. In addition, the above expectations are provided that currency exchange rates, especially the US dollar, remain at the current level versus the Danish krone during the remaining part of 2009 and in 2010 (see appendix 6). Novo Nordisk has hedged expected net cash flows in a number of invoicing currencies and, all other things being equal, movements in key invoicing currencies will impact Novo Nordisk's operating profit as outlined in the table below.



    Key invoicing Annual impact on Novo Nordisk's Hedging period
     currencies      operating profit of a 5%        (months)
                       movement in currency
         USD              DKK 580 million               16
         JPY              DKK 150 million               15
         CNY              DKK 100 million               16*
         GBP              DKK 80 million                12
         CAD              DKK 40 million                7

*USD used as proxy when hedging Novo Nordisk's CNY currency exposure

The financial impact from foreign exchange hedging is included in 'Net financials' and at present it is expected that the significant negative currency impact on reported operating profit in 2010 will be offset by a similar significant foreign exchange hedging gain of approximately DKK 1 billion, again provided that key currency exchange rates remain at the current level versus the Danish krone during the remaining part of 2009 and in 2010.

Research and development update

Diabetes care

Novo Nordisk continues the constructive dialogue with the United States Food and Drug Administration (FDA) regarding the regulatory process for liraglutide. Formal feedback from the FDA regarding liraglutide, a once-daily human GLP-1 analogue, is still expected in the fourth quarter of 2009.

At the annual meeting of the European Association for the Study of Diabetes (EASD) held in Vienna, Austria, from 30 September to 2 October this year, Novo Nordisk presented results from a new meta-analysis on the safety of Novo Nordisk's long-acting modern insulin Levemir®. The meta-analysis assessed the relative risk of a cancer diagnosis during clinical treatment with Levemir®. It covered a total of approximately 9,000 patients in 21 randomised, controlled trials and compared the incidence of cancer in patients treated with Levemir® to that of patients treated with either human insulin (NPH insulin) or insulin glargine. The studies comparing Levemir® to NPH insulin revealed that treatment with Levemir® was associated with a statistically significant lower incidence of cancer than with NPH insulin treatment (0.36 events per 100 patient years in the Levemir® group versus 0.92 events in the NPH insulin group; p < 0.05). The meta-analysis has recently been published online in Diabetologia, the journal of the EASD.

During the annual meeting of the EASD, Novo Nordisk also presented new experimental studies on the molecular safety of Levemir® and other insulins. These studies assessed comparative IGF-1 and insulin receptor subtype binding, as well as the potential of the insulins to induce cell growth (mitogenicity). Regarding the balance between insulin receptor and IGF-1 receptor binding, Levemir® was found to possess a profile very similar to that of human insulin, and when mitogenicity was studied in a number of different cell lines, it was found that Levemir® exhibited a similar or lower mitogenicity than human insulin.

The new generation of insulins, SIBA and SIAC, have now both entered phase 3 clinical development with the trial programmes named BEGIN™ and BOOST™, respectively. The large trial programmes with around 10,000 patients in total are executed in a sequence of four waves. The first wave for both programmes has been initiated and the first trials have completed recruitment; the second wave is expected to be initiated during the fourth quarter of 2009. In the BEGIN™ programme the second wave consists of one trial comparing the use of SIBA once daily in two different regimens to insulin glargine once daily in insulin naïve type 2 diabetes patients. In the BOOST™ programme, the trial in the second wave will investigate intensified use of SIAC compared to treatment with NovoMix® 30 in people with type 2 diabetes previously treated with premixed insulin. The final two waves are expected to be initiated during the first half of 2010.

In Japan, NovoRapid Mix® 50 and NovoRapid Mix® 70 have recently been approved by the Ministry of Health, Labor and Welfare. Both products have been approved for the treatment of adult type 1 and type 2 diabetes patients. Novo Nordisk expects to launch both NovoRapid Mix® 50 and NovoRapid Mix® 70 in 2010 in Japan when reimbursement discussions are finalised.

The results of the 'Treating to Target in Type 2 Diabetes' (4-T) study conducted by the Diabetes Trials Unit at the Oxford Centre for Diabetes, Endocrinology and Metabolism were recently published in the New England Journal of Medicine. The study, which was supported by Novo Nordisk and Diabetes UK, was a three-year randomised, controlled, multicentre trial, in which 708 patients with suboptimal HbA1c levels on metformin and sulphonylurea therapy were assigned to receive NovoMix® 30 (biphasic insulin aspart) twice daily, mealtime NovoRapid® (insulin aspart) three times daily, or Levemir® (insulin detemir) once daily. Among the outcome measures after three years were mean HbA1c, the proportion of patients with an HbA1c level of 7% or less, the rate of hypoglycaemia and weight gain. The design of the 4-T trial made it possible to report differences between three different initiation and intensification regimens, all with insulin analogues, over the longest randomised 'treat-to-target' comparison of insulin therapies yet published.

The 4-T study showed that at three years, the mean HbA1c level did not differ between groups. The proportion of patients achieving an HbA1c level of 7% or less was high, and similar in the NovoRapid® (67%) and Levemir® (63%) initiation groups, but somewhat lower in the NovoMix® (51%) group. In the NovoMix® group, however, fewer patients received intensification with a second insulin preparation during the three-year treatment period. The median numbers of hypoglycaemic events per patient per year were relatively low, but highest for the NovoRapid® initiation group: 1.7 for the Levemir®, 3.0 for NovoMix® and 5.5 for NovoRapid® initiation groups, and the mean weight gains were 3.6 kg, 5.7 kg and 6.4 kg respectively. Thus, the group initiated on once-daily Levemir® therapy statistically significantly experienced the lowest weight gain despite being intensified to a basal bolus therapy with NovoRapid®. More than 80% of randomised patients completed the three-year trial during which the rates of adverse events were similar among all groups. Overall, the 4-T study in type 2 diabetes has shown that initiation of insulin treatment with once-daily Levemir® or twice-daily NovoMix® 30, followed by intensification with NovoRapid® when needed, is well-tolerated and associated with similar, strong HbA1c lowering, in the presence of low levels of hypoglycaemia.

Biopharmaceuticals

In the area of haemophilia, and in line with previous communication, Novo Nordisk has initiated a phase 1 study with a long-acting rFIX derivative, a phase 1 study with a long-acting rFVIIa derivative for subcutaneous administration as well as a phase 2 study with a long-acting rFVIIa derivative for intravenous administration.

Novo Nordisk now expects to complete the ongoing phase 2 trial with NN1731 in the second quarter of 2010. NN1731 is a rFVIIa analogue designed to provide faster and more efficient haemostasis in haemophilia patients with inhibitors. The extended duration of the trial is due to a lower than anticipated number of bleeding events.

Novo Nordisk officially opened the new inflammation research centre based in Seattle, Washington, USA, in September this year. The research centre will leverage Novo Nordisk's strong knowledge within the field of proteins in order to further build the company's clinical pipeline of products for the treatment of chronic inflammatory diseases.

Equity

Total equity was DKK 34,874 million at the end of the first nine months of 2009, equal to 66.3% of total assets, compared with 65.2% at the end of 2008. Please refer to appendix 5 for further elaboration of changes in equity during the first nine months of 2009.

Treasury shares and share repurchase programme

As per 28 October 2009, Novo Nordisk A/S and its wholly-owned affiliates owned 29,264,308 of its own B shares, corresponding to 4.7% of the total share capital.

In 2009, Novo Nordisk repurchased 18,667,682 B shares equal to a cash value of DKK 5.5 billion. Novo Nordisk still expects to finalise the share repurchase programme of DKK 19.0 billion before the end of 2009 implying that Novo Nordisk expects to repurchase B shares equal to a cash value of around DKK 6.5 billion in 2009 in total. In the period from 2006 to 2008 Novo Nordisk repurchased B shares equal to a cash value of DKK 12.5 billion in total.

Sustainability issues update

CO2 emissions below 2004 baseline

In the run-up to the UN Climate Summit in Copenhagen in December, Novo Nordisk is well on its way to achieving the company's climate strategy target: a 10% absolute reduction of CO2 emissions from production in the period 2004-2014. Growth in CO2 emissions has been gradually decoupled from business growth since 2004. In 2008, the emissions curve broke, and by mid-year 2009, emissions reached the level of the 2004 baseline year - 210,000 tons annually.

The energy-saving programme in production has resulted in a 25,000 tons reduction in CO2 emissions corresponding to a more than 10% reduction of the annual energy consumption since 2005. Half of the energy-saving projects implemented globally since 2007 are paid back within less than one year.

Since May 2007, energy savings in Denmark have been earmarked to purchase of electricity from the new offshore wind farm at Horns Rev, Denmark. More than 100 energy-saving projects have been implemented under this programme. A total saving of more than 30 million KWh has been achieved, which will secure a 100% green electricity supply once the offshore wind farm is in full operation in 2010. Switching to electricity from the wind farm will result in an annual CO2 reduction of 100,000 tons.

Legal issues update

US hormone therapy litigation

As of 28 October 2009, 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 52 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 62 individuals currently allege, in relation to similar lawsuits against Pfizer Inc., that they have also used a Novo Nordisk hormone therapy product. Currently, the first court trial is expected in the first quarter of 2010. Novo Nordisk does not expect the pending claims to impact Novo Nordisk's financial outlook.

Financial calendar for 2010
2 February                     Financial statement for 2009
4 February                     PDF version of the Annual Report 2009
available on novonordisk.com
10 February             Deadline for the company's receipt of
shareholder proposals for the Annual General Meeting 2010
18 February                   Printed version of the Annual Report
2009
24 March                       Annual General Meeting 2010
27 April                         Financial statement for the first
three months of 2010
5 August                       Financial statement for the first six
months of 2010
27 October                    Financial statement for the first nine
months of 2010

Conference call details

At 1.00 pm CET today, corresponding to 8.00 am EDT, 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 on the same page approximately one hour before.


Forward-looking statements

Novo Nordisk's reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this document as well as the company's Annual Report 2008 and Form 20-F, both filed with the SEC in February 2009, and written information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forward-looking statements. Words such as 'believe', 'expect', 'may', 'will', 'plan', 'strategy', 'prospect', 'foresee', 'estimate', 'project', 'anticipate', 'can', 'intend', 'target' and other words and terms of similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Examples of such forward-looking statements include, but are not limited to:

-         statements of plans, objectives or goals for future
operations, including those related to Novo Nordisk's products,
product research, product development, product introductions and
product approvals as well as cooperations in relation thereto,
-         statements containing projections of or targets for
revenues, income (or loss), earnings per share, capital expenditures,
dividends, capital structure or other net financials,
-         statements of future economic performance, future actions
and outcome of contingencies such as legal proceedings, and
-         statements of the assumptions underlying or relating to
such statements.

In this document, examples of forward-looking statements can be found under the headings 'Outlook 2009', 'Research and development update', 'Equity' and 'Legal issues update'.

These statements are based on current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific. Novo Nordisk cautions that a number of important factors, including those described in this document, could cause actual results to differ materially from those contemplated in any forward-looking statements.

Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, including interest rate and currency exchange rate fluctuations, delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies and production, product recall, unexpected contract breaches or terminations, government-mandated or market-driven price decreases for Novo Nordisk's products, introduction of competing products, reliance on information technology, Novo Nordisk's ability to successfully market current and new products, exposure to product liability and legal proceedings and investigations, changes in governmental laws and related interpretation thereof, including on reimbursement, intellectual property protection and regulatory controls on testing, approval, manufacturing and marketing, perceived or actual failure to adhere to ethical marketing practices, investments in and divestitures of domestic and foreign companies, unexpected growth in costs and expenses, failure to recruit and retain the right employees and failure to maintain a culture of compliance.

Please also refer to the overview of risk factors in 'Managing Risks' on pp 24-25 of the Annual Report 2008 available on the company's website (novonordisk.com).

Unless required by law Novo Nordisk is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this document, whether as a result of new information, future events or otherwise.

Management statement

Today, the Board of Directors and Executive Management approved the interim financial report of Novo Nordisk A/S for the first nine months of 2009.

The interim financial report has been prepared in accordance with IAS 34 'Interim Financial Reporting' as issued by the International Accounting Standard Board (IASB) and endorsed by the EU. Furthermore, the interim financial report has been prepared in accordance with the additional Danish disclosure requirements for interim reports of listed companies. The interim financial report has not been audited or reviewed by the company's auditors.

In our opinion the accounting policies used are appropriate and the overall presentation of the interim financial report gives a true and fair view of the Group's assets and liabilities as of 30 September 2009 and the results and cash flows for the first nine month of 2009. Furthermore, in our opinion, the interim financial report includes a fair view of the development and performance of the business and the financial position of the Group, as well as an overview of the material risks and uncertainties the Group faces.

Bagsvaerd 29 October 2009


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

  Henrik Gürtler        Johnny Henriksen   Pamela J Kirby

  Anne Marie Kverneland Kurt Anker Nielsen Søren Thuesen Pedersen

  Hannu Ryöppönen       Stig Strøbaek       Jørgen Wedel


Contacts for further information


Media:                       Investors:

Mike Rulis                   Mads Veggerby Lausten
Tel: (+45) 4442 3573         Tel: (+45) 4443 7919
E-mail: mike@novonordisk.com E-mail: mlau@novonordisk.com

                             Kasper Roseeuw Poulsen
                             Tel: (+45) 4442 4471
                             E-mail: krop@novonordisk.com

In North America:
Sean Clements                Hans Rommer
Tel: (+1) 609 514 8316       Tel: (+1) 609 919 7937
E-mail: secl@novonordisk.com E-mail: hrmm@novonordisk.com



Further information on Novo Nordisk is available on the company's
internet homepage at the address: 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
                       2009                                             Q3
                                                                      2009
                                                 2008                   vs
                                                                        Q3
                   Q3     Q2     Q1       Q4     Q3     Q2     Q1     2008

Sales          12,517 13,001 12,498   12,583 11,246 11,110 10,614      11%

Gross profit    9,832 10,391  9,990   10,047  8,640  8,556  8,201      14%
Gross margin    78.5%  79.9%  79.9%    79.8%  76.8%  77.0%  77.3%

Sales and
distribution
costs           3,502  3,837  3,844    3,558  3,155  3,178  2,975      11%
Percent of      28.0%  29.5%  30.8%    28.3%  28.1%  28.6%  28.0%
sales
Research
and
development
costs           1,884  1,849  1,744    2,439  1,579  1,980  1,858      19%
- Hereof cost
related to
AERx®*              -      -      -        -     50  (155)  (220)
Percent of      15.1%  14.2%  14.0%    19.4%  14.0%  17.8%  17.5%
sales
Percent of
sales
(excl. AERx®*)  15.1%  14.2%  14.0%    19.4%  14.5%  16.4%  15.4%
Administrative
expenses          666    693    679      749    633    626    627       5%
Percent of       5.3%   5.3%   5.4%     6.0%   5.6%   5.6%   5.9%
sales
Licence fees
and other
operating
income (net)       34     78     87       73     51     74     88    (33%)

Operating
profit          3,814  4,090  3,810    3,374  3,324  2,846  2,829      15%
Operating       30.5%  31.5%  30.5%    26.8%  29.6%  25.6%  26.7%
margin
Operating
profit
(excl.AERx®*)   3,814  4,090  3,810    3,374  3,274  3,001  3,049
16%
Operating
margin
(excl. AERx®*)  30.5%  31.5%  30.5%    26.8%  29.1%  27.0%  28.7%

Share of
profit/
(loss) in
associated
companies         (7)   (11)   (35)        4   (58)    (3)   (67)    (88%)
Financial
income              9    166    142     (82)    306    429    474    (97%)
Financial
expenses          209    361    412      226     66     21    368     217%

Profit before
income taxes    3,607  3,884  3,505    3,070  3,506  3,251  2,868       3%

Net profit      2,755  2,991  2,699    2,330  2,664  2,471  2,180       3%

Depreciation,
amortisation
and
impairment
losses            657    533    607      752    560    567    563      17%
Capital
expenditure       726    557    413      764    448    328    214      62%
Cash flow
from operating
activities      5,039  2,608  4,148    3,204  3,673  2,916  3,070      37%
Free cash
flow            4,242  2,062  3,626    2,421  3,210  2,589  2,795      32%

Equity         34,874 34,086 31,345   32,979 32,173 33,046 31,251       8%
Total assets   52,589 51,246 50,205   50,603 48,990 48,478 47,534       7%
Equity ratio    66.3%  66.5%  62.4%    65.2%  65.7%  68.2%  65.7%

Full-time
employees at
the end of the
period         28,497 27,998 27,429   26,575 26,360 26,060 25,765       8%

Basic
earnings
per share
(in DKK)         4.62   4.96   4.44     3.82   4.34   3.99   3.51       6%
Diluted
earnings
per share
(in DKK)         4.58   4.91   4.41     3.80   4.30   3.96   3.48       7%
Average
number of
shares
outstanding
(million)       596.4  603.1  607.4    609.3  614.2  618.6  620.9     (3%)
Average
number of
shares
outstanding
incl
dilutive
effect
of options
'in the money'
(million)       601.4  607.9  612.7    614.4  618.6  623.5  626.3     (3%)

Sales by
business
segments:
   Modern
insulins
(insulin
analogues)      5,353  5,414  4,990    5,028  4,365  4,103  3,821      23%
   Human
insulins        2,747  2,879  3,004    3,093  2,806  2,966  2,939     (2%)
   Protein-
related
sales             519    492    484      477    464    460    443      12%
   Oral
antidiabetic
products
(OAD)             650    675    691      602    671    478    640     (3%)
   Diabetes
care total      9,269  9,460  9,169    9,200  8,306  8,007  7,843      12%

   NovoSeven®   1,651  1,874  1,805    1,774  1,534  1,648  1,440
8%

Norditropin®    1,074  1,122  1,034    1,060    941    986    878
14%
   Hormone
replacement
therapy           440    435    409      442    394    391    385      12%
   Other
products           83    110     81      107     71     78     68      17%
   Biopharma-
ceuticals
total           3,248  3,541  3,329    3,383  2,940  3,103  2,771      10%

Sales by
geographic
segments:
   North
America         4,527  4,710  4,532    4,478  3,759  3,467  3,450      20%
Europe          4,376  4,375  4,195    4,453  4,305  4,400  4,061       2%

International
Operations      2,288  2,532  2,513    2,186  2,074  2,069  2,096      10%
   Japan &
Oceania         1,326  1,384  1,258    1,466  1,108  1,174  1,007      20%

Segment
operating
profit:
   Diabetes
care            2,286  2,333  2,171    2,424  1,963  1,510  1,672      16%
   Diabetes
care
(excl. AERx®*)  2,286  2,333  2,171    2,424  1,913  1,665  1,892
19%
   Biopharma-
ceuticals       1,528  1,757  1,639      950  1,361  1,336  1,157      12%

*) Costs related to the discontinuation of all
pulmonary diabetes projects.



Appendix 2: Income statement



                                          9M      9M       Q3      Q3
DKK million                             2009    2008     2009    2008

Sales                                 38,016  32,970   12,517  11,246
Cost of goods sold                     7,803   7,573    2,685   2,606
Gross profit                          30,213  25,397    9,832   8,640

Sales and distribution costs          11,183   9,308    3,502   3,155
Research and development costs         5,477   5,417    1,884   1,579
- hereof costs related to AERx® *          -   (325)        -      50
Administrative expenses                2,038   1,886      666     633
Licence fees
and other operating
income (net)                             199     213       34      51
Operating profit                      11,714   8,999    3,814   3,324
Operating profit
(excl AERx® *)                        11,714   9,324    3,814   3,274

Share of profit/(loss)
in associated companies                 (53)   (128)      (7)    (58)
Financial income                         317   1,209        9     306
Financial expenses                       982     455      209      66
Profit before income taxes            10,996   9,625    3,607   3,506

Income taxes                           2,551   2,310      852     842
NET PROFIT                             8,445   7,315    2,755   2,664

Basic earnings
per share (DKK)                        14.02   11.84     4.62    4.34
Diluted earnings
per share (DKK)                        13.90   11.74     4.58    4.30


Segment
Information

Segment sales:
   Diabetes care                      27,898  24,156    9,269   8,306
   Biopharmaceuticals                 10,118   8,814    3,248   2,940

Segment operating profit**):
   Diabetes care                       6,790   5,145    2,286   1,963
    Operating margin                   24.3%   21.3%    24.7%   23.6%

   Biopharmaceuticals                  4,924   3,854    1,528   1,361
    Operating margin                   48.7%   43.7%    47.0%   46.3%

Total segment operating profit        11,714   8,999    3,814   3,324



Statement of comprehensive
income

Net profit for the period              8,445   7,315    2,755   2,664
    Other comprehensive income:
    Exchange rate adjustment
of investments in
subsidiaries                             430   (120)      102   (244)
    Novo Nordisk share of equity
recognised by associated companies         8      23      (1)       9
    Deferred (gain)/loss on cash flow
hedges at the beginning of the year
recognised in the Income statement
for the period                           596   (533)      263    (52)
    Fair value adjustments on
financial instruments                    775   (638)      221 (1,346)
    Tax on fair value adjustments
on financial instruments                   3       2        2       2
    Other adjustments                     14    (50)       29   (123)
    Tax on other adjustments            (47)      37     (16)      98
    Other comprehensive income
for the period, net of tax             1,779 (1,279)      600 (1,656)

TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD                        10,224   6,036    3,355   1,008

*) Excluding costs related to the
discontinuation of AERx® and
all other pulmonary diabetes projects.
**) Group financing (including financial expense and financial
income)
and income taxes are managed on a group basis
and are not allocated to operating
segments.


Appendix 3: Statement of financial position


DKK million                                   30 Sep 2009 31 Dec 2008

ASSETS

Intangible assets                                     999         788
Property, plant
and equipment                                      18,845      18,639
Investments in
associated companies                                  163         222
Deferred income
tax assets                                          1,388       1,696
Other financial assets                                186         194
TOTAL NON-CURRENT ASSETS                           21,581      21,539

Inventories                                         9,748       9,611
Trade receivables                                   6,893       6,581
Tax receivables                                       513       1,010
Other receivables                                   1,991       1,704
Marketable securities and financial
derivatives                                         1,635       1,377
Cash at bank and in hand                           10,228       8,781
TOTAL CURRENT ASSETS                               31,008      29,064

TOTAL ASSETS                                       52,589      50,603


EQUITY AND LIABILITIES

Share capital                                         620         634
Treasury shares                                      (28)        (26)
Retained earnings                                  33,565      33,433
Other comprehensive (loss) / income                   717     (1,062)
TOTAL EQUITY                                       34,874      32,979

Long-term debt                                        963         980
Deferred income
tax liabilities                                     2,388       2,404
Provision for pensions                                457         419
Other provisions                                      972         863
Total non-current liabilities                       4,780       4,666

Short-term debt
and financial derivatives                             229       1,334
Trade payables                                      1,537       2,281
Tax payables                                        1,133         567
Other liabilities                                   7,078       5,853
Other provisions                                    2,958       2,923
Total current liabilities                          12,935      12,958

TOTAL LIABILITIES                                  17,715      17,624

TOTAL EQUITY AND LIABILITIES                       52,589      50,603


Appendix 4: Statement of cash flows


DKK million                                           9M 2009 9M 2008


Net profit                                              8,445   7,315

Adjustment for
non-cash items                                          4,811   4,783
Income taxes paid and
net interest received                                   (985) (1,169)
Cash flow before change
in working capital                                     12,271  10,929

Net change in working capital                           (476) (1,270)
Cash flow from
operating activities                                   11,795   9,659

Net investments in intangible
assets and long-term
financial assets                                        (187)   (245)
Capital expenditure for
property, plant
and equipment                                         (1,696)   (990)
Net change in marketable
securities (maturity exceeding
three months)                                               -       -
Received dividend                                          18     170
Net cash used in
investing activities                                  (1,865) (1,065)

Cash flow from
financing activities                                  (8,515) (6,172)

NET CASH FLOW                                           1,415   2,422

Unrealised gain/(loss)
on exchange rates
and marketable securities
included in cash and
cash equivalents                                           21     (4)
Net change in cash
and cash equivalents                                    1,436   2,418

Cash and cash equivalents
at the beginning of the year                            8,726   4,617
Cash and cash equivalents
at the end of the period                               10,162   7,035

Bonds with original term
to maturity exceeding
three months                                            1,017   1,483
Undrawn committed
credit facilities                                       7,444   7,461
FINANCIAL RESOURCES
AT THE END OF THE PERIOD                               18,623  15,979


Cash flow from operating activities                    11,795   9,659
+ Net cash used in investing activities               (1,865) (1,065)
-  Net change in marketable securities (maturity
exceeding three months)                                     -       -
FREE CASH FLOW                                          9,930   8,594



Appendix 5: Statement of changes in cash flows

                                              Other
                                             reserves
               Share   Trea-     Re-     Ex-      De-   Other   Total
             capital    sury  tained  change   ferred adjust-
                      shares    ear-    rate    gain/   ments
                               nings adjust-     loss
                                       ments  on cash
                                                 flow
                                               hedges
DKK million

9M 2009

Balance at
the
beginning
period           634    (26)  33,433   (256)    (859)      53  32,979

Total
comprehen-
sive
income
for the
period                         8,445     430    1,374    (25)  10,224

Dividends                    (3,650)                          (3,650)
Share-
based
payment                          186                              186
Reduction
of the
B share
capital         (14)      14
Purchase
of treasury
shares                  (17) (4,948)                          (4,965)
Sale of
treasury
shares                     1      99                              100
Balance
at the
end of the
period           620    (28)  33,565     174      515      28  34,874

At the end of the year proposed
dividends (declared in 2009) of DKK
3,650 million (6.00 DKK per share)
are
included in Retained earnings.
No dividend is declared on treasury
shares.


                                              Other
                                             reserves
               Share   Trea-     Re-     Ex-      De-   Other   Total
             capital    sury  tained  change   ferred adjust-
                      shares    ear-    rate    gain/   ments
                               nings adjust-     loss
                                       ments  on cash
                                                 flow
                                               hedges
DKK million

9M 2008

Balance at
the
beginning
period           647    (26)  30,661     209      678      13  32,182

Total
comprehen-
sive
income
for the
period                         7,315   (120)  (1,169)      10   6,036

Dividends                    (2,795)                          (2,795)
Share-
based
payment                          119                              119
Reduction
of the
B share
capital         (13)      13
Purchase
of treasury
shares                  (11) (3,464)                          (3,475)
Sale of
treasury
shares                     1     105                              106
Balance
at the
end of the
period           634    (23)  31,941      89    (491)      23  32,173

At the end of the year proposed
dividends (declared in 2008) of DKK
2,795 million (4.50 DKK per share)
are
included in Retained earnings.
No dividend is declared on treasury
shares.


Appendix 6: Assumptions for key currencies


+-------------------------------------------------------------------+
| DKK per |  2008 average  | YTD 2009 average  |  Current exchange  |
| 100     | exchange rates | exchange rates as |        rate        |
|         |                |        of         |  as of 26 October  |
|         |                |  26 October 2009  |        2009        |
|---------+----------------+-------------------+--------------------|
| USD     |      509       |        543        |        496         |
|---------+----------------+-------------------+--------------------|
| JPY     |      4.96      |       5.75        |        5.39        |
|---------+----------------+-------------------+--------------------|
| GBP     |      938       |        838        |        810         |
|---------+----------------+-------------------+--------------------|
| CNY     |       73       |        79         |         73         |
|---------+----------------+-------------------+--------------------|
| CAD     |      479       |        468        |        469         |
+-------------------------------------------------------------------+



Appendix 7: Accounting policies

The unaudited interim financial report for the first nine months of 2009 has been prepared in accordance with IAS 34 'Interim Financial Reporting' as issued by IASB and endorsed by the EU. Furthermore the interim financial report has been prepared in accordance with the additional Danish disclosure requirements for interim reports of listed companies.

The following standards relevant to Novo Nordisk have been adopted by the EU and were implemented with effective date 1 January 2009 as described in the Annual Report 2008:

  * IAS 1 (Revised) 'Presentation of financial statements'.
  * IAS 23 (Amendment) 'Borrowing costs'.
  * IFRS 2 (Amendment) 'Share-based payment'.
  * IAS 28 (Amendment) 'Investment in associates' (and consequential
    amendments to IAS 32, 'Financial Instruments: Disclosure and
    Presentation'.
  * IAS 36 (Amendment) 'Impairment of assets'.
  * IAS 38 (Amendment) 'Intangible assets'.
  * IAS 19 (Amendment) 'Employee benefits'.
  * Minor amendments to IFRS 7, IAS 1, IAS 8, IAS 10, IAS 18, IAS 34
    and IAS 39.
  * IFRIC 16 'Hedges of net investment in a foreign operation'.

The adoption of these standards has not affected recognition and measurement in Novo Nordisk's interim financial report for the first nine months of 2009. Except for the above-mentioned implemented standards, the interim financial report has been prepared using the same accounting policies as in the Annual Report 2008.

Appendix 8: Quarterly numbers in EUR /Supplementary information


(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.
The specified percent changes are based on the
changes in the 'Quarterly numbers in DKK', see appendix 1.
                                                                         %
                                                                    change
                       2009                                             Q3
                                                                      2009
                                                 2008                   vs
                                                                        Q3
                   Q3     Q2     Q1       Q4     Q3     Q2     Q1     2008

Sales           1,681  1,746  1,677    1,688  1,508  1,489  1,424      11%

Gross profit    1,321  1,395  1,341    1,348  1,159  1,147  1,100      14%
Gross margin    78.5%  79.9%  79.9%    79.8%  76.8%  77.0%  77.3%

Sales and
distribution
costs             471    515    516      478    423    426    399      11%
Percent of
sales           28.0%  29.5%  30.8%    28.3%  28.1%  28.6%  28.0%
Research
and
development
costs             253    248    234      327    211    266    249      19%
- Hereof cost
related to
AERx®*              -      -      -        -      7   (20)   (30)
Percent of
sales           15.1%  14.2%  14.0%    19.4%  14.0%  17.8%  17.5%
Percent of
sales
(excl. AERx®*)  15.1%  14.2%  14.0%    19.4%  14.4%  16.4%  15.4%
Administrative
expenses           90     93     91      100     85     84     84       5%
Percent of
sales            5.3%   5.3%   5.4%     6.0%   5.6%   5.6%   5.9%
Licence fees
and other
operating
income (net)        5     10     12       10      7     10     12    (33%)

Operating
profit            512    549    512      453    446    381    380      15%
Operating
margin          30.5%  31.5%  30.5%    26.8%  29.6%  25.6%  26.7%
Operating
profit
(excl.AERx®*)     512    549    512      453    439    401    410
16%
Operating
margin
(excl. AERx®*)  30.5%  31.5%  30.5%    26.8%  29.1%  27.0%  28.7%

Share of
profit/
(loss) in
associated
companies         (1)    (1)    (5)        2    (8)      0    (9)    (88%)
Financial
income              2     22     19        8     41     57     64    (97%)
Financial
expenses           28     49     55       50      9      3     49     217%

Profit before
income taxes      485    521    471      413    470    436    385       3%

Net profit        370    402    362      313    357    332    292       3%

Depreciation,
amortisation
and
impairment
losses             88     72     81      101     75     76     76      17%
Capital
expenditure        98     75     55      102     60     44     29      62%
Cash flow
from operating
activities        677    350    557      429    492    391    412      37%
Free cash
flow              569    277    487      325    430    347    375      32%

Equity          4,685  4,577  4,208    4,426  4,312  4,431  4,191       8%
Total assets    7,064  6,881  6,741    6,792  6,566  6,500  6,375       7%
Equity ratio    66.3%  66.5%  62.4%    65.2%  65.7%  68.2%  65.7%

Full-time
employees at
the end of the
period         28,497 27,998 27,429   26,575 26,360 26,060 25,765       8%

Basic
earnings
per share
(in DKK)         0.62   0.66   0.60     0.51   0.58   0.54   0.47       6%
Diluted
earnings
per share
(in DKK)         0.62   0.66   0.59     0.51   0.57   0.53   0.47       7%
Average
number of
shares
outstanding
(million)       596.4  603.1  607.4    609.3  614.2  618.6  620.9     (3%)
Average
number of
shares
outstanding
incl
dilutive
effect
of options
'in the money'
(million)       601.4  607.9  612.7    614.4  618.6  623.5  626.3     (3%)

Sales by
business
segments:
   Modern
insulins
(insulin
analogues)        719    727    670      675    585    550    513      23%
   Human
insulins          369    387    403      415    376    398    394     (2%)
   Protein-
related
sales              70     66     65       64     62     62     59      12%
   Oral
antidiabetic
products
(OAD)              87     90     93       81     90     64     86     (3%)
   Diabetes
care total      1,245  1,270  1,231    1,235  1,113  1,074  1,052      12%

   NovoSeven®     222    252    242      238    206    221    193
8%

Norditropin®      144    150    139      142    126    132    118
14%
   Hormone
replacement
therapy            59     58     55       59     53     52     52      12%
   Other
products           11     16     10       14      9     11      9      17%
   Biopharma-
ceuticals
total             436    476    446      453    394    416    372      10%

Sales by
geographic
segments:
   North
America           607    633    608      601    504    465    463      20%
  Europe          588    587    563      597    577    590    545       2%

International
Operations        308    340    337      293    278    278    281      10%
   Japan &
Oceania           178    186    169      197    149    157    135      20%

Segment
operating
profit:
   Diabetes
care              307    314    291      325    263    203    224      16%
   Diabetes
care
(excl. AERx®*)    307    314    291      325    256    223    254
19%
   Biopharma-
ceuticals         205    235    221      127    183    179    155      12%

*) Costs related to the discontinuation of all
pulmonary diabetes projects.


Company Announcement no 63 / 2009

Company Announcement no 63 2009: http://hugin.info/2013/R/1350754/326270.pdf


This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.



Copyright © Hugin AS 2009. All rights reserved.

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