SOURCE: Novo Nordisk A/S

August 06, 2009 02:26 ET

Novo Nordisk: Half-yearly report

BAGSVAERD, DENMARK--(Marketwire - August 6, 2009) - Interim financial report for the period 1 January 2009 to 30 June 2009


Novo Nordisk increased operating profit by 39% in the first six months of 2009 Raises outlook for underlying operating profit growth for the full year

* Sales increased by 17% in Danish kroner and by 11% in local currencies.

o Sales of modern insulins increased by 31% (25% in local currencies).

o Sales of NovoSeven® increased by 19% (13% in local currencies).

o Sales of Norditropin® increased by 16% (8% in local currencies).

o Sales in North America increased by 34% (18% in local currencies).

o Sales in International Operations increased by 21% (17% in local currencies).

* Gross margin improved by 2.8 percentage points to 79.9% in the first six months of 2009, primarily reflecting continued productivity improvements and a positive currency impact of around 1.3 percentage points.

* Reported operating profit increased by 39% to DKK 7,900 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 more than 15%.

* Net profit increased by 22% to DKK 5,690 million. Earnings per share (diluted) increased by 25% to DKK 9.32.

* In a recently completed phase 3 study with approximately 650 people with type 2 diabetes comparing liraglutide (Victoza®) and sitagliptin, a DPP-IV inhibitor, blood glucose reductions and weight loss were statistically significantly higher with liraglutide 1.8 and 1.2 mg compared to sitagliptin. The safety profile of liraglutide in this study was comparable to the profile established in the previous clinical studies.

* Novo Nordisk continues the constructive dialogue with the United States Food and Drug Administration (FDA) regarding the regulatory process for liraglutide, and formal feedback from the FDA is expected later this quarter.

* For 2009, operating profit measured in local currencies is now expected to grow by 12-14% and reported operating profit growth to be around 4 percentage points higher than the operating profit growth in local currencies.

Lars Rebien Sørensen, president and CEO, said: "The performance in the first half of 2009 is encouraging and we raise our guidance for underlying operating profit growth. We are very pleased that Victoza® is now launched in the United Kingdom, Germany and Denmark and we look forward to making Victoza® available to more people with type 2 diabetes."

Financial highlights for the first six months of 2009

The present interim financial report for the first six months of 2009 has been prepared in accordance with IAS 34 Interim Financial Reporting, as issued by IASB and adopted by the EU, and the additional Danish disclosure requirements applying to listed companies' interim reports. The interim financial report has not been audited. 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
                                                              H1 2008
Profit and loss                       H1 2009    H1 2008  to  H1 2009

Sales                                  25,499     21,724          17%

Gross profit                           20,381     16,757          22%
Gross margin                            79.9%      77.1%

Sales and distribution costs            7,681      6,153          25%
Percent of sales                        30.1%      28.3%

Research and development costs          3,593      3,838         (6%)
- hereof discontinuation costs for          -        375            -
pulmonary diabetes projects
Percent of sales                        14.1%      17.7%
Percent of sales adjusted for           14.1%      15.9%
pulmonary diabetes projects

Administrative expenses                 1,372      1,253           9%
Percent of sales                         5.4%       5.8%

Licence fees and other operating          165        162           2%
income (net)

Operating profit                        7,900      5,675          39%
Operating margin                        31.0%      26.1%

Net financials                          (511)        444            -
Profit before tax                       7,389      6,119          21%

Net profit                              5,690      4,651          22%
Net profit margin                       22.3%      21.4%

Other key numbers

Depreciation, amortisation and          1,140      1,130           1%
impairment losses
Capital expenditure                       970        542          79%

Cash flow from operating activities     6,756      5,986          13%
Free cash flow                          5,688      5,384           6%

Total assets                           51,246     48,478           6%
Equity                                 34,086     33,046           3%
Equity ratio                            66.5%      68.2%

Average number of shares outstanding
(million) - diluted                     610.3      624.9         (2%)

Diluted earnings per share (in DKK)      9.32       7.44          25%

Full-time employees at the end of the  27,998     26,060           7%
period

Sales development by segments

Sales increased by 17% 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
                               H1 2009       as   in local     growth
                                   DKK reported currencies   in local
                               million                     currencies
The diabetes care segment
Modern insulins                 10,404      31%        25%        82%
- NovoRapid®                     4,739      32%        24%        36%
- NovoMix®                       3,203      23%        18%        20%
- Levemir®                       2,462      42%        36%        26%
Human insulins                   5,883       0%       (6%)      (14%)
Protein-related products           976       8%         3%         1%
Oral antidiabetic products       1,366      22%        14%         6%
Diabetes care - total           18,629      18%        11%        75%

The biopharmaceuticals segment
NovoSeven®                       3,679      19%        13%        17%
Norditropin®                     2,156      16%         8%         6%
Other products                   1,035      12%         5%         2%
Biopharmaceuticals - total       6,870      17%        10%        25%

Total sales                     25,499      17%        11%       100%


Sales development by regions

In the first six months of 2009, sales growth was realised in all regions. North America was the main contributor with 50% share of growth measured in local currencies. International Operations and Europe contributed 30% and 19%, respectively, of the total sales growth.

Diabetes care

Sales of diabetes care products increased by 18% measured in Danish kroner to DKK 18,629 million and by 11% in local currencies compared with the first six months of 2008.

Modern insulins, human insulins and protein-related products In the first six months of 2009, sales of modern insulins, human insulins and protein-related products increased by 17% in Danish kroner to DKK 17,263 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 increased by 31% in Danish kroner to DKK 10,404 million and by 25% in local currencies compared with the first six months of 2008. All regions realised solid growth rates, with North America accounting for more than half of the growth followed by Europe and International Operations. Sales of modern insulins now constitute 64% of Novo Nordisk's sales of insulin.

North America

Sales in North America increased by 41% in Danish kroner and by 24% in local currencies in the first six 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 41% of the total insulin market and 33% of the modern insulin market, both measured by volume. Currently, around 39% of Novo Nordisk's modern insulin volume in the US is being sold in FlexPen®.

Europe

Sales in Europe decreased by 2% measured in Danish kroner and increased by 3% in local currencies, reflecting continued progress for the portfolio of modern insulins but also declining human insulin sales. Novo Nordisk holds 55% 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 administered in devices, primarily NovoPen® and FlexPen®.

International Operations

Sales within International Operations increased by 21% in Danish kroner and by 16% in local currencies. The main contributor to growth in the first six months of 2009 was sales of modern insulins, primarily in China and Turkey. Furthermore, sales of human insulin, driven by China, 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 administered in devices, primarily NovoPen®.

Japan & Oceania

Sales in Japan & Oceania increased by 19% 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 69% of the total insulin market in Japan and 61% 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 administered in devices, primarily NovoPen® and FlexPen®.

Oral antidiabetic products (NovoNorm®/Prandin®)

In the first six months of 2009, sales of oral antidiabetic products increased by 22% in Danish kroner to DKK 1,366 million and by 14% in local currencies compared with the same period in 2008. Sales development is positively impacted by timing of sales in 2008 in China.

Biopharmaceuticals

In the first six months of 2009, sales of biopharmaceutical products increased by 17% measured in Danish kroner to DKK 6,870 million and by 10% measured in local currencies compared with the first six months of 2008.

NovoSeven®

Sales of NovoSeven® increased by 19% in Danish kroner to DKK 3,679 million and by 13% in local currencies compared with the first six 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. 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 16% measured in Danish kroner to DKK 2,156 million and by 8% measured in local currencies compared with the first six months of 2008. North America and Europe were the main contributors to growth measured in local currencies. Novo Nordisk is still the second-largest company in the global growth hormone market with 25% 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 1,035 million and by 5% 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.

Costs, licence fees and other operating income

The gross margin increased to 79.9% compared with 77.1% 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 1.3 percentage points 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 six months of 2008.

In the first six months of 2009, total non-production-related costs increased by 12% to DKK 12,646 million compared with the same period last year. Close to half of the increase in non-production-related costs, or around 6 percentage points, reflects the higher value of key currencies versus the Danish krone in the first six months of 2009 compared with the first six months of 2008. The underlying development in non-production-related costs relates to the expanded sales force in especially the US, UK, Germany and China countered by lower research and development costs, primarily reflecting the timing of phase 3 clinical trial programmes as well as the non-recurring costs of DKK 375 million in the first six months of 2008 related to the discontinuation of pulmonary diabetes projects.

Licence fees and other operating income were DKK 165 million in the first six months of 2009 compared with DKK 162 million in the same period of 2008.

Net financials

Net financials showed a net expense of DKK 511 million in the first six months of 2009 compared with a net income of DKK 444 million in the same period of 2008.

For the first six months of 2009, the foreign exchange result was an expense of DKK 501 million compared with an income of DKK 474 million in the first six months of 2008. This development reflects losses on foreign exchange hedging of especially US dollars and Japanese yen due to the significant appreciation of these currencies versus Danish kroner in the first six months of 2009 compared to the exchange rate level prevailing in 2008. The market value of foreign exchange hedging contracts for future income recognition is now positive with a loss of approximately DKK 300 million expected to be recognised as an expense in the second half of 2009, and an income of approximately DKK 500 million to be recognised in 2010.

Included in net financials is the result from associated companies with an expense of DKK 46 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 70 million.

Outlook 2009

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      |    6 August 2009    |    30 April 2009    |
|-----------------------+---------------------+---------------------|
| Sales growth          |                     |                     |
|   -  in local         | At the level of 10% | At the level of 10% |
| currencies            | Around 2 percentage |     Around 4.5      |
|   - as reported       |       points        |  percentage points  |
|                       |       higher        |       higher        |
|-----------------------+---------------------+---------------------|
| Operating profit      |                     |                     |
| growth                |       12-14%        |    At least 10%     |
|   - in local          | Around 4 percentage | Around 8 percentage |
| currencies            |       points        |       points        |
|   - as reported       |       higher        |       higher        |
|                       |                     |                     |
|-----------------------+---------------------+---------------------|
| Net financial expense |   Around DKK 900    |   Around DKK 1.5    |
|                       |       million       |       billion       |
|-----------------------+---------------------+---------------------|
| Effective tax rate    |  Approximately 23%  |  Approximately 23%  |
|-----------------------+---------------------+---------------------|
| Capital expenditure   |    Around DKK 3     |    Around DKK 3     |
|                       |       billion       |       billion       |
|-----------------------+---------------------+---------------------|
| Depreciation,         |   Around DKK 2.6    |   Around DKK 2.6    |
| amortisation and      |       billion       |       billion       |
| impairment losses     |                     |                     |
|-----------------------+---------------------+---------------------|
| Free cash flow        |  More than DKK 10   |    Around 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 during 2009. Given the current level of exchange rates versus Danish kroner, the reported sales growth is now expected to be around 2 percentage points higher than the growth rate measured in local currencies.

For 2009, growth in operating profit is now expected to be 12-14% measured in local currencies. The increase reflects a reduction in the expected level of research and development costs for 2009 due to timing of phase 3 clinical trial programmes. Furthermore, the forecast is based on assumptions of a continuous improvement of the gross margin and increased spending for sales and distribution relative to sales due to the increase in Novo Nordisk's global sales force. Given the current level of exchange rates versus Danish kroner, the reported operating profit growth is now expected to be around 4 percentage points higher than the growth rate measured in local currencies.

For 2009, Novo Nordisk now expects a net financial expense of around DKK 900 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 still expected to be around DKK 3 billion in 2009. Expectations for depreciations, amortisation and impairment losses of around DKK 2.6 billion are unchanged, whereas free cash flow is now expected to be more than DKK 10 billion, reflecting slightly higher expectations for net profit.

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 remaining part of 2009. In addition, the above expectations are provided that currency exchange rates, especially the US dollar, remain at the current level versus the Danish krone for the rest of 2009 (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 below table.



    Key invoicing Annual impact on Novo Nordisk's Hedging period
     currencies      operating profit of a 5%        (months)
                       movement in currency
         USD              DKK 530 million               15
         JPY              DKK 150 million               15
         GBP              DKK 80 million                13
         CNY              DKK 80 million                15*
         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'.

Research and development update

Diabetes care

As announced on 3 July, the European Commission has granted marketing authorisation for Victoza® for the treatment of type 2 diabetes in adults. The authorisation covers all 27 European Union member states. Victoza® is the brand name approved in Europe for liraglutide, the first once-daily human Glucagon-Like Peptide-1 (GLP-1) analogue developed for the treatment of type 2 diabetes. The marketing authorisation covers treatment in combination with metformin or a sulphonylurea in patients with insufficient glycaemic control despite maximal tolerated dose of monotherapy with these agents. Furthermore, the authorisation covers combination treatment with metformin and a sulphonylurea or metformin and a thiazolidinedione in patients with insufficient glycaemic control despite these dual therapies. In the beginning of July, Novo Nordisk launched Victoza® in the UK, Germany and Denmark and expects to launch Victoza® in more European markets during the second half of 2009 and throughout 2010.

In the US, Novo Nordisk continues the constructive dialogue with the United States Food and Drug Administration regarding the regulatory process for liraglutide. Novo Nordisk expects to receive formal feedback from the FDA for liraglutide later this quarter.

In a recently completed study, the effect of liraglutide was compared to sitagliptin, both administered as add-on to metformin in people with type 2 diabetes. The study was a 26-week, randomised, open-label, multinational trial in which daily doses of 1.2 and 1.8 mg of liraglutide were compared to 100 mg sitagliptin. The trial enrolled approximately 650 people with type 2 diabetes failing to reach an HbA1c level of below 7.5% after daily treatment with at least 1500 mg of metformin. From a baseline of around 8.5%, HbA1c decreased by approximately 1.5 percentage points in the 1.8 mg liraglutide treatment arm and 1.2 percentage points in the 1.2 mg liraglutide treatment arm, compared to 0.9 percentage points in the sitagliptin treatment arm. The ADA HbA1c target of below 7% was reached in approximately 55%, 40% and 20% of the patients in the 1.8 mg liraglutide, 1.2 mg liraglutide and sitagliptin treatment arms, respectively. In the same groups, a weight loss of approximately 3.5 kg, 3 kg and 1 kg was found, respectively. All the above differences were statistically significant, in favour of both doses of liraglutide compared to sitagliptin. The safety profile of liraglutide in this study was comparable to the profile established in the previous clinical studies.

At the annual meeting of the American Diabetes Association (ADA) held in New Orleans in June this year, Novo Nordisk presented the detailed two-year data with liraglutide in monotherapy (LEAD™ 3). The study investigated the efficacy and safety of two doses of liraglutide (1.2 mg and 1.8 mg) compared with glimepiride treatment in type 2 diabetes patients. The trial consisted of a 52-week randomised, double-blinded period followed by a one-year controlled open-label extension. Once-daily liraglutide, used as monotherapy, led to statistically significant and sustained reductions in blood glucose and body weight after two years of treatment. 58% of patients treated with liraglutide 1.8 mg once daily reached and maintained the ADA's target of HbA1C less than 7%, versus 37% of patients treated with glimepiride 8 mg once daily. After two years of treatment with 1.8 mg of liraglutide, mean body weight decreased by 2.7 kg compared to an overall weight increase in the glimepiride group of 0.95 kg, a difference that was statistically significant. Importantly, minor hypoglycaemia was six times less frequent in the liraglutide treatment groups compared with the glimepiride group.

Furthermore, detailed results from the LEAD™ 6 study were presented at the ADA meeting and published in The Lancet in June 2009. The LEAD™ 6 study was a randomised, open-label study comparing the efficacy and safety of once-daily liraglutide 1.8 mg to exenatide 10 µg, given twice daily, for 26 weeks. The study showed that liraglutide treatment led to statistically significantly greater lowering of blood glucose than exenatide treatment and that liraglutide was associated with less persistent nausea than exenatide. In two subsequent trial extensions, of 14 and 38 weeks' duration respectively, the efficacy and safety of longer-term treatment with liraglutide has been investigated as well as the impact of switching from exenatide to liraglutide treatment. New data from the recently completed 38-week extension showed that patients are largely able to maintain the achieved reduction in the blood glucose levels as well as body weight. Moreover, the extensions of the LEAD™ 6 study confirmed the established safety and tolerability profile of liraglutide during longer-term treatment.

With regard to the liraglutide phase 3 programme for the treatment of obesity, the first of three phase 3 trials is progressing according to plans. The remaining two phase 3 trials are not expected to be initiated before Novo Nordisk has more clarity on the US regulatory process for liraglutide for the treatment of type 2 diabetes.

In July 2009, Novo Nordisk received marketing authorisation for Levemir® in China from the Chinese regulatory authorities (SFDA). Novo Nordisk expects to launch Levemir® in China in the beginning of 2010 and will thereby become the only company with a complete portfolio of modern insulins for people with diabetes in China.

The new generation of modern insulins, SIBA (soluble insulin basal analogue, NN1250) and SIAC (soluble insulin analogue combination, NN5401), are both expected to start phase 3 clinical trials in the third quarter this year. SIBA is a neutral, soluble, long-acting basal insulin developed to provide a duration of more than 24 hours and a flat and predictable profile. SIAC is a neutral, soluble, fixed-combination of a long-acting basal insulin and a fast-acting insulin, without a need for resuspension. The trial programmes for the two insulins are named BEGIN™ and BOOST™, respectively. The large trial programme will be executed in waves and the primary endpoint will be changes in HbA1C with frequency of hypoglycaemia and other general safety measures as the most important secondary endpoints. In total, the BEGIN™ programme is expected to include around 7,000 patients whereas the BOOST™ programme is expected to include approximately 3,000 patients. The first wave of the BEGIN™ programme will include direct comparison with insulin glargine in insulin naïve type 2 diabetics as well as trials investigating the use of the new insulin in a basal-bolus treatment regimen for people with both type 1 and type 2 diabetes. For the BOOST™ programme, wave 1 will be a trial investigating the use of the new insulin compared to Levemir® in a basal-bolus treatment regimen in people with type 1 diabetes. As mentioned, the first wave of the two programmes is expected to be initiated in the third quarter of 2009, and the subsequent waves are expected to be initiated in the fourth quarter of 2009 and first half of 2010.

Biopharmaceuticals

In June 2009, at the Endocrine Society's Annual Meeting in Washington DC, USA, results from the phase 2 study with the once-weekly growth hormone compound NNC126-0083 in adults with growth hormone deficiency (AGHD) were presented. The study included 32 patients that were randomised to one of three different doses of active treatment or placebo. The patients received weekly doses of growth hormone compound subcutaneously for three weeks. The study demonstrated a solid efficacy profile that allows for once-weekly administration of growth hormone. While the study did not involve a direct comparison to once-daily injected growth hormone, the results of the trial indicate an efficacy profile comparable to the efficacy of once-daily administered growth hormone seen in other trials, as measured by the IGF-1 blood levels achieved. IGF-1 release is a well-established biomarker of growth hormone effects. In addition, the compound was generally well tolerated. Novo Nordisk has now initiated a phase 2a single dose study in children with growth hormone deficiency (GHD) expected to enrol 32 individuals and results of this trial are expected in the beginning of 2010.

Within the area of haemostasis, Novo Nordisk has initiated a randomised, double-blinded, placebo-controlled, phase 2 trial with rFXIII in cardiac surgery. The aim of the trial is to investigate the safety and efficacy of rFXIII on transfusion needs in patients undergoing heart surgery. The trial is expected to enrol around 400 patients and results are expected early 2011.

The phase 1 trial with subcutaneous injection of rFVIIa has now been completed. While the study showed that subcutaneous dosing is possible, the bioavailability was lower than expected. Hence, Novo Nordisk has decided not to continue into phase 2 clinical development with this mode of administration for this compound and will instead focus on subcutaneous administration of a long-acting rFVIIa expected to enter clinical development this year.

In addition, Novo Nordisk expects to start phase 2 clinical development in the third quarter this year with the long-acting recombinant FVIIa derivative, NN7128, intended for prophylactic treatment of haemophilia patients with inhibitors. The phase 2 trial will involve around 24 patients and results are expected in 2011.

Furthermore, Novo Nordisk expects to start a phase 1 trial with a recombinant long-acting factor IX compound in the third quarter of 2009. The trial is expected to enrol around 20 patients in a dose-finding trial and the study is expected to be completed in mid-2010.

Finally, within the area of inflammation Novo Nordisk has initiated a phase 1 trial to evaluate the safety of single and multiple dosing of a novel monoclonal antibody in patients with rheumatoid arthritis. With this, Novo Nordisk now has a total of three projects in clinical development within inflammation.

Equity

Total equity was DKK 34,086 million at the end of the first six months of 2009, equal to 66.5% 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 six months of 2009.

Treasury shares and share repurchase programme

As per 5 August 2009, Novo Nordisk A/S and its wholly-owned affiliates owned 21,462,241 of its own B shares, corresponding to 3.5% of the total share capital. The reduced ownership of own shares reflects the cancellation of 14,000,000 B shares, which took place on 22 June 2009 following a decision at the Annual General Meeting earlier this year. After the legal implementation of the share capital reduction, Novo Nordisk's share capital amounts to DKK 620,000,000 divided into an A share capital of DKK 107,487,200 and a B share capital of DKK 512,512,800.

In 2009, under the Safe Harbour rules Novo Nordisk has repurchased 10,670,182 B shares equal to a cash value of DKK 3.0 billion. The ongoing share repurchase programme of DKK 18.5 billion has today been increased by DKK 0.5 billion to DKK 19 billion, reflecting the improved outlook for free cash flow generation in 2009. Novo Nordisk still expects to finalise the share repurchase programme before the end of 2009. As a consequence Novo Nordisk now 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

Sharing treatment best practices

Novo Nordisk has launched a Changing Diabetes® Barometer website, changingdiabetesbarometer.com, which shows the current state of diabetes and diabetes care in more than 70 countries and highlights areas where improvement is possible. The tool enables policy-makers and healthcare providers to measure progress and set priorities for action plans. Offering a set of indicators defined by international guidelines, the Changing Diabetes® Barometer increases transparency on the status of diabetes prevention and care with an aim to improve health outcomes and bring down total costs.

The Changing Diabetes® Barometer is a key element in Novo Nordisk's contribution to implement the United Nations Declaration on Diabetes. It is a direct response to the need for robust measurements on the scale of diabetes and availability of metrics to track performance.

Green electricity for Novo Nordisk in Denmark

Supplies of green electricity to Novo Nordisk began in May 2009, as part of the company's partnership agreement with its energy supplier in Denmark, DONG Energy, in which energy savings in the company's operations are earmarked to purchase green energy. The electricity is produced at the newly inaugurated offshore wind farm, Horns Rev II. Projections are that Novo Nordisk will receive 80 - 100 million kWh during 2009, corresponding to a reduction of CO2 emissions of 40,000-50,000 tons in 2009.

Legal issues update

US hormone therapy litigation

As of 5 August 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 53 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.). A further 60 individuals currently allege, in relation to similar lawsuits against Pfizer Inc., that they have also used a Novo Nordisk hormone therapy product. Novo Nordisk does not have any court trials scheduled for 2009; 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.

Conference call details

At 13.00 CET today, corresponding to 7.00 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 approximately one hour before on the same page.

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 reviewed and approved the interim financial report and accounts of Novo Nordisk A/S for the first six months of 2009.

The interim financial report and accounts have been prepared in accordance with International Financial Reporting Standards and the additional Danish disclosure requirements applying to listed companies' interim reports and accounts.

In our opinion the accounting policies used are appropriate and the overall presentation of the interim financial report and accounts is adequate. Furthermore, in our opinion the interim financial report and accounts include 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 6 August 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
                                                                   Q2
                                                                 2009
                     2009                   2008                   vs
                                                                   Q2
                   Q2     Q1       Q4     Q3     Q2     Q1       2008

Sales            13,001 12,498   12,583 11,246 11,110 10,614      17%

Gross profit     10,391  9,990   10,047  8,640  8,556  8,201      21%
Gross margin      79.9%  79.9%    79.8%  76.8%  77.0%  77.3%

Sales and
distribution
costs             3,837  3,844    3,558  3,155  3,178  2,975      21%
Percent of        29.5%  30.8%    28.3%  28.1%  28.6%  28.0%
sales
Research
and
development
costs             1,849  1,744    2,439  1,579  1,980  1,858     (7%)
- Hereof cost
related to
AERx®*                -      -        -     50  (155)  (220)
Percent of        14.2%  14.0%    19.4%  14.0%  17.8%  17.5%
sales
Percent of
sales
(excl. AERx®*)    14.2%  14.0%    19.4%  14.5%  16.4%  15.4%
Administrative
expenses            693    679      749    633    626    627      11%
Percent of         5.3%   5.4%     6.0%   5.6%   5.6%   5.9%
sales
Licence fees
and other
operating
income (net)         78     87       73     51     74     88       5%

Operating
profit            4,090  3,810    3,374  3,324  2,846  2,829      44%
Operating         31.5%  30.5%    26.8%  29.6%  25.6%  26.7%
margin
Operating
profit
(excl.AERx®*)     4,090  3,810    3,374  3,274  3,001  3,049      36%
Operating
margin
(excl. AERx®*)    31.5%  30.5%    26.8%  29.1%  27.0%  28.7%

Share of profit/
(loss) in
associated
companies          (11)   (35)        4   (58)    (3)   (67)     267%
Financial
income              166    142     (82)    306    429    474    (61%)
Financial
expenses            361    412      226     66     21    368    1619%

Profit before
income taxes      3,884  3,505    3,070  3,506  3,251  2,868      19%

Net profit        2,991  2,699    2,330  2,664  2,471  2,180      21%

Depreciation,
amortisation
and
impairment
losses              533    607      752    560    567    563     (6%)
Capital
expenditure         557    413      764    448    328    214      70%
Cash flow
from operating
activities        2,608  4,148    3,204  3,673  2,916  3,070    (11%)
Free cash
flow              2,062  3,626    2,421  3,210  2,589  2,795    (20%)

Equity           34,086 31,345   32,979 32,173 33,046 31,251       3%
Total assets     51,246 50,205   50,603 48,990 48,478 47,534       6%
Equity ratio      66.5%  62.4%    65.2%  65.7%  68.2%  65.7%

Full-time
employees at
the end of the
period           27,998 27,429   26,575 26,360 26,060 25,765       7%

Basic
earnings
per share
(in DKK)           4.96   4.44     3.82   4.34   3.99   3.51      24%
Diluted
earnings
per share
(in DKK)           4.91   4.41     3.80   4.30   3.96   3.48      24%
Average
number of
shares
outstanding
(million)         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)         607.9  612.7    614.4  618.6  623.5  626.3     (3%)

Sales by
business
segments:
   Modern
insulins
(insulin
analogues)        5,414  4,990    5,028  4,365  4,103  3,821      32%
   Human
insulins          2,879  3,004    3,093  2,806  2,966  2,939     (3%)
   Protein-
related
sales               492    484      477    464    460    443       7%
   Oral
antidiabetic
products
(OAD)               675    691      602    671    478    640      41%
   Diabetes
care total        9,460  9,169    9,200  8,306  8,007  7,843      18%

   NovoSeven®     1,874  1,805    1,774  1,534  1,648  1,440      14%
   Norditropin®   1,122  1,034    1,060    941    986    878      14%
   Hormone
replacement
therapy             435    409      442    394    391    385      11%
   Other
products            110     81      107     71     78     68      41%
   Biopharma-
ceuticals total   3,541  3,329    3,383  2,940  3,103  2,771      14%

Sales by
geographic
segments:
   Europe         4,375  4,195    4,453  4,305  4,400  4,061     (1%)
   North
America           4,710  4,532    4,478  3,759  3,467  3,450      36%
   International
Operations        2,532  2,513    2,186  2,074  2,069  2,096      22%
   Japan &
Oceania           1,384  1,258    1,466  1,108  1,174  1,007      18%

Segment
operating
profit:
   Diabetes
care              2,333  2,171    2,424  1,963  1,510  1,672      55%
   Diabetes
care
(excl. AERx®*)    2,333  2,171    2,424  1,913  1,665  1,892      40%
   Biopharma-                                                     32%
ceuticals         1,757  1,639      950  1,361  1,336  1,157

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


Appendix 2 - Income Statement




                          H1     H1       Q2     Q2
DKK million             2009   2008     2009   2008

Sales                 25,499 21,724   13,001 11,110
Cost of goods
sold                   5,118  4,967    2,610  2,554
Gross profit          20,381 16,757   10,391  8,556

Sales and
distribution
costs                  7,681  6,153    3,837  3,178
Research and
development
costs                  3,593  3,838    1,849  1,980
- hereof costs
related to
AERx® *)                   -  (375)        -  (155)
Administrative
expenses               1,372  1,253      693    626
Licence fees
and other
operating
income (net)             165    162       78     74
Operating
profit                 7,900  5,675    4,090  2,846
Operating
profit (excl
AERx® *)               7,900  6,050    4,090  3,001

Share of profit/
(loss) in
associated
companies               (46)   (70)     (11)    (3)
Financial
income                   308    903      166    429
Financial
expenses                 773    389      361     21
Profit before
income taxes           7,389  6,119    3,884  3,251

Income taxes           1,699  1,468      893    780
NET PROFIT             5,690  4,651    2,991  2,471

Basic
earnings per
share (DKK)             9.40   7.50     4.96   3.99
Diluted
earnings per
share (DKK)             9.32   7.44     4.91   3.96


Segment
Information

Segment sales:
   Diabetes care      18,629 15,850    9,460  8,007
   Biopharmaceuticals  6,870  5,874    3,541  3,103

Segment operating
profit**):
   Diabetes care       4,504  3,182    2,333  1,510
    Operating margin   24.2%  20.1%    24.7%  18.9%

   Biopharmaceuticals  3,396  2,493    1,757  1,336
    Operating margin   49.4%  42.4%    49.6%  43.1%

Total segment
operating profit       7,900  5,675    4,090  2,846



Statement of
comprehensive
income

Net profit for
the period             5,690  4,651    2,991  2,471
    Other
comprehensive
income:
    Exchange rate
adjustment of
investments in
subsidiaries             328    124      165    233
    Novo Nordisk
share of equity
recognised by
associated
companies                  9     14        1      5
    Deferred (gain)/
loss on cash flow
hedges at the
beginning of the year
    recognised in the
Income statement
for the period           333  (481)      220  (273)
    Fair value
adjustments on
financial instruments    554    708      735    136
    Tax on fair
value adjustments
on financial
instruments                1      0      (3)      0
    Other
adjustments             (15)     12      (1)     50
    Tax on
other adjustments       (31)      0     (48)      0
    Other
comprehensive
income for the
period, net of
tax                    1,179    377    1,069    151

TOTAL
COMPREHENSIVE
INCOME FOR
THE PERIOD             6,869  5,028    4,060  2,622

*) 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 Jun 2009 31 Dec 2008

ASSETS

Intangible assets                       911         788
Property, plant and equipment        18,760      18,639
Investments in associated
companies                               170         222
Deferred income tax assets            1,489       1,696
Other financial assets                  189         194
TOTAL LONG-TERM ASSETS               21,519      21,539

Inventories                           9,900       9,611
Trade receivables                     7,254       6,581
Tax receivables                         717       1,010
Other receivables                     1,902       1,704
Marketable securities and
financial derivatives                 1,091       1,377
Cash at bank and in hand              8,863       8,781
TOTAL CURRENT ASSETS                 29,727      29,064

TOTAL ASSETS                         51,246      50,603


EQUITY AND LIABILITIES

Share capital                           620         634
Treasury shares                        (20)        (26)
Retained earnings                    33,369      33,433
Other comprehensive income              117     (1,062)
TOTAL EQUITY                         34,086      32,979

Long-term debt                          979         980
Deferred income tax liabilities       2,359       2,404
Provision for pensions                  437         419
Other provisions                        910         863
Total long-term liabilities           4,685       4,666

Short-term debt and financial
derivatives                             453       1,334
Trade payables                        1,660       2,281
Tax payables                            755         567
Other liabilities                     6,723       5,853
Other provisions                      2,884       2,923
Total current liabilities            12,475      12,958

TOTAL LIABILITIES                    17,160      17,624

TOTAL EQUITY AND
LIABILITIES                          51,246      50,603


Appendix 4 - Statement of Cash flows

DKK million                             H1 2009 H1 2008

Net profit                                5,690   4,651

Adjustment for non-cash items             2,785   3,121
Income taxes paid and net
interest received                         (872)   (930)
Cash flow before change
in working capital                        7,603   6,842

Net change in working capital             (847)   (856)
Cash flow from operating
activities                                6,756   5,986

Net investments in intangible
assets and long-term financial
assets                                    (116)   (230)
Capital expenditure for property,
plant and equipment                       (970)   (542)
Net change in marketable securities
(maturity exceeding three months)             -       3
Dividend received                            18     170
Net cash used in investing
activities                              (1,068)   (599)

Cash flow from financing
activities                              (5,866) (4,233)

NET CASH FLOW                             (178)   1,154

Unrealised gain/(loss) on exchange
rates and marketable securities
included in cash and cash equivalents        23      14
Net change in cash and cash
equivalents                               (155)   1,168

Cash and cash equivalents at the
beginning of the year                     8,726   4,617
Cash and cash equivalents at
the end of the period                     8,571   5,785

Bonds with original term to maturity
exceeding three months                    1,016   1,471
Undrawn committed credit facilities       7,447   7,458
FINANCIAL RESOURCES AT THE
END OF THE PERIOD                        17,034  14,714


Cash flow from operating activities       6,756   5,986
+ Net cash used in investing activities (1,068)   (599)
-  Net change in marketable securities
(maturity exceeding three months)             -       3
FREE CASH FLOW                            5,688   5,384



Appendix 5 - Statement of changes in equity

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

H1 2009

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

Total
comprehen-
sive
income
for the
period                         5,690     328      888    (37)   6,869

Dividends                    (3,650)                          (3,650)
Share-
based
payment                          104                              104
Reduction
of the
B share
capital          (14)     14                                        -
Purchase
of treasury
shares                   (9) (2,280)                          (2,289)
Sale of
treasury
shares                     1      72                               73
Balance
at the
end of the
period            620   (20)  33,369      72       29      16  34,086

At the end  of the year proposed
dividends (declared in 2008) 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   earn-    rate    gain/   ments
                                ings adjust-     loss
                                       ments  on cash
                                                 flow
                                               hedges
DKK million

H1 2008

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

Total
comprehen-
sive
income
for the
period              -      -   4,651     124      227      26   5,028

Dividends                    (2,795)                          (2,795)
Share-
based
payment                           69                               69
Reduction
of the
B share
capital          (13)     13                                        -
Purchase
of treasury
shares                   (5) (1,517)                          (1,522)
Sale of
treasury
shares                     1      83                               84
Balance
at the
end of the
period            634   (17)  31,152     333      905      39  33,046

At the end of the year proposed
dividends (declared in 2008) of DKK
3,650 million (6.00 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 3 August   |
|         |                |   3 August 2009   |        2009        |
|---------+----------------+-------------------+--------------------|
| USD     |      509       |        555        |        521         |
|---------+----------------+-------------------+--------------------|
| JPY     |      4.96      |       5.82        |        5.48        |
|---------+----------------+-------------------+--------------------|
| GBP     |      938       |        838        |        877         |
|---------+----------------+-------------------+--------------------|
| CNY     |       73       |        81         |         76         |
|---------+----------------+-------------------+--------------------|
| CAD     |      479       |        465        |        487         |
+-------------------------------------------------------------------+


Appendix 7 - Accounting policies

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

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 2008 Annual Report:

  * 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 six 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 for 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
                                                                   Q2
                                                                 2009
                     2009                   2008                   vs
                                                                   Q2
                   Q2     Q1       Q4     Q3     Q2     Q1       2008

Sales             1,746  1,677    1,688  1,508  1,489  1,424      17%

Gross profit      1,395  1,341    1,348  1,159  1,147  1,100      21%
Gross margin      79.9%  79.9%    79.8%  76.8%  77.0%  77.3%

Sales and
distribution
costs               515    516      478    423    426    399      21%
Percent of
sales             29.5%  30.8%    28.3%  28.1%  28.6%  28.0%
Research and
development
costs               248    234      327    211    266    249     (7%)
- Hereof costs
related to
AERx*                 -      -        -      7   (20)   (30)
Percent of
sales             14.2%  14.0%    19.4%  14.0%  17.8%  17.5%
Percent of
sales
(excl. AERx®*)    14.2%  14.0%    19.4%  14.4%  16.4%  15.4%
Administrative
expenses             93     91      100     85     84     84      11%
Percent of
sales              5.3%   5.4%     6.0%   5.6%   5.6%   5.9%
Licence fees
and other
operating
income (net)         10     12       10      7     10     12       5%

Operating
profit              549    512      453    446    381    380      44%
Operating
margin            31.5%  30.5%    26.8%  29.6%  25.6%  26.7%
Operating
profit (excl.
AERx®*)             549    512      453    439    401    410      36%
Operating
margin
(excl. AERx®*)    31.5%  30.5%    26.8%  29.1%  27.0%  28.7%

Share of profit/
(loss) in
associated
companies           (1)    (5)        2    (8)      0    (9)     267%
Financial
income               22     19        8     41     57     64    (61%)
Financial
expenses             49     55       50      9      3     49    1619%

Profit before
income taxes        521    471      413    470    436    385      19%

Net profit          402    362      313    357    332    292      21%

Depreciation,
amortisation
and impairment
losses               72     81      101     75     76     76     (6%)
Capital
expenditure          75     55      102     60     44     29      70%
Cash flow from
operating
activities          350    557      429    492    391    412    (11%)
Free cash
flow                277    487      325    430    347    375    (20%)

Equity            4,577  4,208    4,426  4,312  4,431  4,191       3%
Total assets      6,881  6,741    6,792  6,566  6,500  6,375       6%
Equity ratio      66.5%  62.4%    65.2%  65.7%  68.2%  65.7%

Full-time
employees at
the end of the
period           27,998 27,429   26,575 26,360 26,060 25,765       7%

Basic earnings
per share
(in EUR)           0.66   0.60     0.51   0.58   0.54   0.47      24%
Diluted earnings
per share
(in EUR)           0.66   0.59     0.51   0.57   0.53   0.47      24%
Average number
of shares
outstanding
(million)         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)
                  607.9  612.7    614.4  618.6  623.5  626.3     (3%)

Sales by
business
segments:
   Modern
insulins
(insulin
analogues)          727    670      675    585    550    513      32%
   Human
insulins            387    403      415    376    398    394     (3%)

Insulin-related
sales                66     65       64     62     62     59       7%
   Oral
antidiabetic
products (OAD)       90     93       81     90     64     86      41%
   Diabetes care
total             1,270  1,231    1,235  1,113  1,074  1,052      18%

   NovoSeven®       252    242      238    206    221    193      14%
   Norditropin®     150    139      142    126    132    118      14%
   Hormone
replacement
therapy              58     55       59     53     52     52      11%
   Other
products             16     10       14      9     11      9      41%
   Biopharma-
ceuticals total     476    446      453    394    416    372      14%

Sales by
geographic
segments:
   Europe           587    563      597    577    590    545     (1%)
   North America    633    608      601    504    465    463      36%
   International
Operations          340    337      293    278    278    281      22%
   Japan &
Oceania             186    169      197    149    157    135      18%

Segment
operating
profit:
   Diabetes care    314    291      325    263    203    224      55%
   Diabetes care
(excl. AERx®*)      314    291      325    256    223    254      40%
   Biopharma-
ceuticals           235    221      127    183    179    155      32%

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

Company Announcement no 46 / 2009: http://hugin.info/2013/R/1332763/315785.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.

Contact Information