Novo Nordisk A/S

Global Niche Pharma with Biotech Expertise

Fall 2000

Demerger process update

Health Care Enzymes

Detailed historic financial data Road shows Extraordinary Gen. Meeting Pure Play Listing

Demerger Document, October 2000 Aug./Sept. 2000

Demerger Document and Prospectus, October 2000 November 2000

November 13, 2000 Nov./Dec. 2000

1

Novo Nordisk A/S

Executive Committee (post-demerger)
President & CEO
Lars Rebien Srensen

Chief Operating Officer

Lars Almblom Jrgensen

Chief Science Officer

Mads Krogsgaard Thomsen

Chief Financial Officer

Jesper Brandgaard

Chief of Staffs and Quality

Kre Schultz
2

Novo Nordisk A/S

Executive Committee (post-demerger)
CEO

COO

CSO

CFO

S&Q

A global niche pharma company

Leadership position in diabetes care Strong market presence in haematology and growth disorders World class pipeline in key therapeutic areas Proven, genuine biotech expertise in R&D and access to ZymoGenetics Drug delivery technology platform Outstanding presence in Europe and Japan US growth platform Strong sales growth, significant cash flow generation, robust balance sheet.
4

Novo Nordisk Key drivers

Primary growth drivers

Diabetes Care business

NovoSeven business

ZymoGenetics

Growth Disorders

HRT

Our ambition
Continue to be the worlds leading diabetes care company Offer products and services in other areas where we can make a difference Grow our product pipeline through internal and external sourcing Build upon our biotechnology expertise and link with ZymoGenetics to harness the full potential of the genomics revolution Continue to improve financial performance.
6

Worldwide presence
Regional sales distribution 1997 HY 2000

US Europe Japan ROW

7

Heal Health Care half year 2000

Turnover by therapy
2000 6,321 513 6,834 1,034 952 603 246 9,669 1999 5,217 323 5,540 561 795 556 222 7,674 DKK million Insulin and devices etc. NovoNorm/Prandin Diabetes Care, Total NovoSeven Growth Disorders HRT Other Health Care, Total % of total 65% 5% 70% 11% 10% 6% 3% 100% % chg. 21% 59% 23% 84% 20% 8% 11% 26%
8

Diabetes Care

Heal Health Care half year 2000

Turnover by therapy
2000 6,321 513 6,834 1,034 952 603 246 9,669 1999 5,217 323 5,540 561 795 556 222 7,674 DKK million Insulin and devices etc. NovoNorm/Prandin Diabetes Care, Total NovoSeven Growth Disorders HRT Other Health Care, Total % of total 65% 5% 70% 11% 10% 6% 3% 100% % chg. 21% 59% 23% 84% 20% 8% 11% 26%
10

Insulin market overview

Market growth Novo Nordisk (00/99) Market share (00)
USA 2.5%
22%

Europe

12.3%

59%

Japan

10.1%

80%

RoW

9.1%

63%

World

7.7%

45%

Source: IMS MAT Q1 2000 volumes. Industrialised world only.

11

Insulin sales growth outlook

DKK milion 20000 18000 16000 14000 12000 10000 8000 6000 4000 2000 0

10% growth per year

Excluding pulmonary

What will drive growth?

1995

1996

1997

1998

1999
12

Insulin sales growth drivers 1:

Increased number of diabetics

DKK million 20000 18000 16000 14000 12000 10000 8000
2000 2010

220

150

6000 4000 2000 0

Increase in the number of diabetics from 150 million to 220 million 10 years from now yearly growth of 3.9%.
Source: Amos A.., McCarty DJ, Zimmet P: Diabet. Med. 1997; 14

1995

1996

1997

1998

1999
13

Insulin sales growth drivers 2:

Increased rate of diagnosis

DKK million 20000 18000 16000 14000 12000 10000 8000 6000 4000 2000 0
175 150 125 100 75 50 25 0

Only about one third of diabetics are diagnosed

150

50

# of diagnosed

# of diabetics

Increased rate of diagnosis leads to higher insulin sales.

1995 1996 1997 1998 1999
14

Insulin sales growth drivers 3:

More patients should use insulin

DKK million 20000 18000 16000 14000 12000 10000

Number of diabetics using medication: 25-30 million

Oral products
8000

Oral/insulin 7%

Insulin 27%

66%
6000 4000 2000 0

More patients should move to the use of insulin.

1995 1996 1997 1998 1999
15

Insulin sales growth drivers 4:

More intensive therapy

DKK million 20000 18000 16000 14000 12000 10000 8000 6000 4000 2000 0

The major land mark study, UKPDS*), prescribed: Early intervention Intensified therapy Use products in combination More patients on insulin.
*) UKPDS = UK Prospective Diabetes Study

1995

1996

1997

1998

1999
16

Insulin sales growth drivers 5:

Increased product sophistication

DKK million 20000 18000 16000 14000 12000
60,0% 100,0%

Pen penetration for insulin administration

89.2% 79.1%

80,0%

10000 8000 6000 4000

0,0% 40,0%

46.2%

20,0% 5.7%

2000 0

Scandinavia

Japan

Europe

RoW

USA

1995

1996

1997

1998

1999 Source: IMS MAT Q1 2000 volumes, Industrial world only.

17

Potential

71.4%

Insulin sales growth drivers 5:

Increased product sophistication

DKK million 20000 18000 16000 14000 12000 10000 8000 6000 4000 2000 0

The industrys most comprehensive insulin device portfolio

Electronic insulin dosers

Insulin pens

Conventional syringes

One new device to be introduced per year.

1995 1996 1997 1998 1999
18

Insulin sales growth drivers 5:

Increased product sophistication

DKK million 20000 18000 16000 14000 12000 10000 8000 6000 4000 2000 0

The industrys most comprehensive portfolio of insulin analogues

Rapid acting insulin analogue launched in EU, approved in US Basal insulin analogue in phase 3 Premixed insulin analogue approved in EU.

1995

1996

1997

1998

1999
19

The competitive scene

Insulin sophistication

Insulin analogues
NVO
Rapid-acting Basal Premix, protracted

LLY

AVE

 Ph3  Approved 
Marketed

Marketed

 Marketed
LLY

  Marketed
Ph1/Ph2

Pulmonary insulin
NVO
Human short-acting

AVE

 Ph2

 Ph2

 Ph3
20

Insulin sales growth drivers 6:

More aggressive US strategy

DKK million 20000 18000 16000 14000 12000 10000 8000 6000 4000 2000 0

400 new sales reps. hired / rented during 2000 Total number of reps. by end 2004 = up to 1,000 US insulin market size = USD 1 billion Novo Nordisk market share = 22% (vol.) Pen penetration = 5.7% (vol.) 50% price premium on pen products US market share 21.2% in 98, 21.5% in 99 and 22.0% MAT Q1 2000.
1995 1996 1997 1998 1999
21

Heal Health Care half year 2000

Turnover by therapy
2000 6,321 513 6,834 1,034 952 603 246 9,669 1999 5,217 323 5,540 561 795 556 222 7,674 DKK million Insulin and devices etc. NovoNorm/Prandin Diabetes Care, Total NovoSeven Growth Disorders HRT Other Health Care, Total % of total 65% 5% 70% 11% 10% 6% 3% 100% % chg. 21% 59% 23% 84% 20% 8% 11% 26%
22

DKK million 1000 900 800 700 600 500 400 300 200 100 0

NovoNorm/Prandin as gateway NovoNorm/Prandin to oral diabetes market

Oral diabetes market worldwide = $3 billion and growing ~ 20% yearly Type 2 programmes: NN2344: 1st generation sensitiser NN622: Dual acting sensitiser working on glucose and lipids NN4201: Reducing glucose output from the liver
1998 1999

NN2211: GLP-1 analogue.

23

Diabetes Care growth drivers

Increased number of diabetics Higher diagnosis rate More patients should use insulin More intensive therapy Increased device penetration Conversion to analogues More aggressive US strategy New Type 2 products in pipeline.
24

Diabetes Care R&D

Liver - Hepatic enzyme inh. - PPAR E - Glukokinase - Glucagon antagonists - Insulin - Insulin mimetics. Muscle/Fat - Insulin sensitisers - Insulin - Insulin mimetics - PPAR K - GLUT4 - TNF E - PTPase. Brain - GLP-1.

-cell
- PGR - PCO - GLP-1.

Gut - GLP-1.

25

Development pipeline
Phase 1 Phase 2 Phase 3 Registration

 NN2211
(GLP-1)

 NN1998
(AERx)

 NN304  NN007

(Basal analogue) (Premix analogue)

 NovoMix

 NN1215
(LABI)

 NN2344

(Insulin sensitiser) (Liver)

 NovoRapid
(Rapid analogue)

 NN4201  NN5492
(Infertility)

(Hepatic glucose regulator)

 NN703  NN007

(Growth hormone secretagogue)

(up to 4 new within a year)

26

 NovoSeven

27

NovoSeven strategy
Develop NovoSeven to become the first general haemostatic agent Develop a range of new clinical indications, new products and new formulations Expansion of production and sales force capacity Price per mg to be kept unchanged Clinical Phase 2 trials on up to four new indications will be initiated within the next year.
28

Heal Health Care half year 2000

Turnover by therapy
2000 6,321 513 6,834 1,034 952 603 246 9,669 1999 5,217 323 5,540 561 795 556 222 7,674 DKK million Insulin and devices etc. NovoNorm/Prandin Diabetes Care, Total NovoSeven Growth Disorders HRT Other Health Care, Total % of total 65% 5% 70% 11% 10% 6% 3% 100% % chg. 21% 59% 23% 84% 20% 8% 11% 26%
29

NovoSeven sales growth outlook

DKK million 4000 3500 3000 2500 2000 1500 1000 500 0

What will drive growth?

1995

1996 1997

1998

1999
30

NovoSeven sales growth drivers 1:

Existing haemophilia indication

DKK million 4000

1999 sales = DKK 1.3 billion ~ USD 165 million

3500

Peak sales potential = USD 300 million

3000

Launch in Japan 11 May 2000

2500

NovoSeven
2000 1500 1000 500 0

Market segmentation for bleedings

Coagulation Factor Deficiency

Haemophilia with inhibitors

1995

1996 1997

1998

1999
31

NovoSeven sales growth drivers 2:

Liver indication in Phase 3

DKK million 4000 3500 3000 2500 2000 1500 1000 500 0

Peak sales potential = USD 150-250 million

# of patients = 1.7 million liver patients with coagulopathy # of spontaneous upper GI bleeds = 170,000 # of orthotopic liver transplantations = 8,000 # of other invasive procedures = 600,000
NovoSeven
Market segmentation for bleedings

Expansion into liver segment

Coagulation Factor Deficiency

Liver transplantation programme ongoing Further studies for liver patients to be initiated: Upper GI bleeds Liver resection
32

Haemophilia with inhibitors

Liver disease

1995

1996 1997

1998

1999

NovoSeven sales growth drivers 3:

DKK million 4000 3500 3000 2500 2000 1500 1000 500 0

New expansion strategy

A range of potential indications have been identified and analysed Our strategy for expansion into the Platelet disorder and general general haemostasis area is now in place
NovoSeven
Market segmentation for bleedings

Coagulation Factor Deficiency

Platelet Disorder

General Haemostasis

Haemophilia with inhibitors

Liver disease

1995

1996 1997

1998

1999
33

Development pipeline
Phase 1 Phase 2 Phase 3 Registration

 NN2211
(GLP-1)

(AERx)

 NN1998  NN2344  NN622  NN703  NN007

 NN304  NN007

(Basal analogue) (Premix analogue)

 NovoMix

 NN1215
(LABI)

(Insulin sensitiser) (Liver)

(Rapid analogue)

 NovoRapid

 NN4201  NN5492
(Infertility)

(Dual acting insulin sensitiser) (Hepatic glucose regulator) (Growth hormone secretagogue)

(up to 4 new within a year)

34

NovoSeven Market segmentation for bleedings

Coagulation Factor Deficiency
Single Factor
Haemophilia with inhibitors

Platelet Disorder

General Haemostasis
Surgical bleeding Spontaneous bleeding

Multiple Factors
Liver Disease Vitamin Kantagonists

Lack of Platelets
Liver disease

Defective Platelets

Vitamin K-antagonists
Reversal of oral anti-coagulant therapy

Estimated no. of potential targeted severe bleeding episodes per year:

600,000
35

NovoSeven Market segmentation for bleedings

Coagulation Factor Deficiency
Single Factor
Haemophilia with inhibitors

Platelet Disorder

General Haemostasis
Surgical bleeding Spontaneous bleeding

Multiple Factors
Liver Disease Vitamin Kantagonists

Lack of Platelets
Liver disease Bone marrow transplantation

Defective Platelets

Bone marrow transplantation Estimated no. of potential targeted severe bleeding episodes per year:

13,000
36

NovoSeven Market segmentation for bleedings

Coagulation Factor Deficiency
Single Factor
Haemophilia with inhibitors

Platelet Disorder

General Haemostasis
Surgical bleeding Spontaneous bleeding
Intra-cerebral bleeds

Multiple Factors
Liver Disease Vitamin Kantagonists

Lack of Platelets
Liver disease Bone marrow transplantation

Defective Platelets

Intra-cerebral bleeds
20-30% of strokes are intra-cerebral bleeds

Estimated no. of potential targeted severe bleeding episodes per year:

200,000

37

NovoSeven Market segmentation for bleedings

Coagulation Factor Deficiency
Single Factor
Haemophilia with inhibitors

Platelet Disorder

General Haemostasis
Surgical bleeding Spontaneous bleeding
Intra-cerebral bleeds Traumatology/ traffic accidents

Multiple Factors
Liver Disease Vitamin Kantagonists

Lack of Platelets
Liver disease Bone marrow transplantation

Defective Platelets

Traumatology / traffic accidents Estimated no. of potential targeted severe bleeding episodes per year: 100,000- 400,000

38

NovoSeven Market segmentation for bleedings

Coagulation Factor Deficiency
Single Factor
Haemophilia with inhibitors

Platelet Disorder

General Haemostasis
Surgical bleeding
Hip replacements Haemorrhagic dilution coagulopathy Oozing after cardiac valve replacement Colon Cancer surgery

Multiple Factors
Liver Disease Vitamin Kantagonists

Lack of Platelets
Liver disease Bone marrow transplantation

Defective Platelets
Glanzmann Bernard-Souliers

Spontaneous bleeding
Intra-cerebral bleeds Traumatology/ traffic accidents Gunshot wounds Upper gastrointestinal

39

Profitable organic growth

Billion DKK
20

Margin
40%

15

30%

10

20%

Turnover Operating margin *)

10%

0 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99

0%

*) 1999 excluding restructuring costs of DKK 350 million 40

Financial results
Health Care
DKK million
Net turnover Operating profit
% of sales

1999
16,423 3,527
21.5%

1998
13,647 2,933
21.5%

% chg. 1997 1998-99

12,585 2,440
19.4%

+20% +20%

Operating profit adjusted *)

% of sales EBITDA adjusted *) % of sales

3,877
23.6%

2,933
21.5%

2,440
19.4%

+32%

4,820
29.3%

3,919
28.7%

3,315
26.3%

+23%

*) 1999 excluding restructuring costs of DKK 350 million 41

Financial results first half year

Health Care
DKK million Net turnover Operating profit
% of sales

2000 9,669 2,271

23.5%

1999 7,674 1,671

21.8%

% chg. +26% +36% +30%

EBITDA
% of sales

2,784
28.8%

2,137
27.8%

42

Balance sheet
Health Care
DKK million Capital expenditures
% of sales

1999 1,362
8.3%

1998 1,767
12.9%

1997 1,950
15.5%

Fixed assets
% of sales

10,284
62.6%

9,870
72.3%

9,244
73.4%

Stocks and trade debtors

% of sales

6,496
39.6%

6,044
44.3%

5,982
47.5%

43

ZymoGenetics
Approximately 275 people, hereof 200 scientists Using bio-informatics to discover novel gene sequences First to file on approx. 15% of US patents filed on plausible protein therapeutics from Dec. 1993 to Aug. 1998. Pipeline includes preclinical projects in the areas of immunology and oncology No current projects expected to the reach market before 2007-2010 Active dialog with accredited biotech investors is taking place.
44

Triple Bottom Line

Economically viable

Socially responsible

Environmentally sound

45

Human Resources
Performance culture
Transparent recognition and incentive scheme Performance linked stock option programme for >300 managers Development plans and bonus linked appraisal systems for most employees Preferred employer

Customer focus
All employees to meet a person with diabetes this year

Globalisation
Growth in number of employees mainly outside Denmark.

46

Global Niche Pharma company with Biotech Expertise

47

Novo Nordisk Key drivers

Diabetes business
World leader
Primary growth drivers

NovoSeven business
Peak sales potential for current indication = USD 300 million Peak sales potential for liver indication (Phase 3) = USD 150 - 250 million Strategy for entry into the Platelet Disorder & general General Haemostasis areas Phase 2 studies on up to four new indications to be initiated Patent protection until 2007-11.

2/3 of business (insulin) growing >10% Steady growth for 76 years The most comprehensive insulin and insulin device portfolio in the industry one new device per year Expansion strategy in the US Sensitiser and liver programmes NN2211 (GLP-1 analogue).

ZymoGenetics

Growth Disorders

HRT
48

No major patent expirations

% of 1999 sales with patents expiring in 2000-2004
60%

40%

20%

0%

As

en Z ra t

a ec

i El

y il l L he Sc

g in r

. Pl -

k rc e

Ro

he c

BM

k tis is n rd ve o A N o ov N
49

Source: Aros Securities Research and Novo Nordisk

Forward-looking statements
This presentation contains forward-looking statements as the term is defined in the US Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risk and uncertainties that may cause actual results to differ materially from expectations, including unexpected developments in the international currency exchange and securities markets, government-mandated or market-driven price decreases for Novo Nordisk's products in the company's major markets and the introduction of competing products within Novo Nordisk's core businesses. These and other risks and uncertainties, are further described in reports filed with the US Securities and Exchange Commission (SEC) by Novo Nordisk and readily available to the public, including the company's Form 20-F, which was filed on 2 May 2000. In addition to the risk factors described in the company's Form 20-F, the economic situation in Asia, Russia and Latin America could have an adverse impact on unit sales and/or prices, including currency exchange rates, in 2000. The total group sales in Asia (excluding Japan), Russia and Latin America were approximately DKK 2 billion in 1999 corresponding to 10% of total group sales.

50

Global Niche Pharma company with Biotech Expertise

51

Appendix

52

Key e-business activities

Expanding our leadership position to the web

New diabetes professional portal connecting:

NOVOALERT International Diabetes Monitor Web-based retinopathy service and much more....

HaemophiliaForum Product specific sites for all key products B2C sales of devices, e-procurement, B2B sales/order, web-based clinical trials Reinventing corporate and affiliate sites Dedicated e-business unit to drive it.
53

Networking in Novo Nordisk

Information Interaction Transaction Intranet +++ ++ +

Extranet

++

Internet

+++

++

54

Long acting / Basal Insulin

NPH/NPL Number of injections Soluble Mixable Neutral Ph Effect on HbA1c Intra patient variability Injection site reactions Nocturnal Hypoglycaemia Overall rate of Hypoglycaemia IGF binding Mitogenicity
(* Expected profile, but not proved yet
55

HOE901 1 yes no no 1 >1 higher 1x NPH less 2x NPH same 1 6 7.5

NN304 1 or 2 yes yes yes u1 (* <1 low less <1 <1 <1

1 or 2 no yes yes 1 1 low 1 1 1 1

NovoSeven Market segmentation for bleedings

Coagulation Factor Deficiency
Single Factor
Haemophilia with inhibitors FVII deficiency Haemophilia A Haemophilia B

Platelet Disorder

General Haemostasis
Surgical bleeding
Hip replacements Haemorrhagic dilution coagulopathy

Multiple Factors
Liver Disease

Lack of Platelets
Liver disease

Defective Platelets
Glanzmann Bernard-Souliers

Spontaneous bleeding
Intra-cerebral bleeds Upper gastro intestinal

Vit. K-antagonists Bone marrow transplantation

Acute Myeloid leukaemia Haemorrhagic Cystitis Blast crisis in leucemia Myelodysplastic Syndrome - HT Invasive procedures in blood cancer

Oozing after cardiac Traumatology/ valve replacement traffic accidents Colon Cancer surgery
Astrocytoma surgery Meningeomas surgery Spinal Orthopaedic surgery Arteriovenous malformations Radical prostatectomy

Gunshot wounds

56

The key impact of NovoSeven is through injury site selective Platelet activation to ensure high local thrombin formation which secures a tight fibrin clot
rFVIIa (NovoSeven) FXa Platelet activation Thrombin activation and burst
In patients with haemophilia and inhibitors, NovoSeven establish coagulation through bypassing FVIII

Tissue factor - only at site of injury

Activation of Platelets without NovoSeven

Local activation of Platelets & clot formation with NovoSeven

57

Sources of innovation
Novo Nordisk Diabetes Care R&D
Clinical research Basic research
Steno Diabetes Centre Oxford Diabetes Centre Clinical research centres worldwide

Hagedorn Research Institute Oxford and Steno Diabetes Centres Academic collaborations Consortiums

Evidence-based medicine
NN disease mgt programmes Outcomes data from > 100,000 individuals with diabetes

R&D Projects
Drug targets & screening
Molecular biology since 80 HT screening: Amersham since 92 Chemoinformatics since 95 Dundee MRC consortium since 98 Ultra HT screening since 00

Trinomics
Genomics: Incyte since 95 Proteomics: CPA since 97 Metabonomics since 99

Molecular diversity & design

Protein chemistry since 23 Medicinal chemistry since 68 Computational chemistry since 75 Rational drug design since 83 Combinatorial chemistry since 93 58

First Patent Filing Dates on Plausible Therapeutic Proteins: 12/93 to 8/98

45 40 35 30 25 20 15 10 5 0
HGS

ZGI

GI Genentech Schering

SKB

Immunex Millennium Incyte

Amgen

ZYMOGENETICS

59

ZymoGenetics-FibroGen Collaboration
Research collaboration signed in July 2000 Focused on advancing the safety and efficacy of tissue sealant products for wound management ZGI to pair its recombinant human thrombin with FibroGens recombinant human Type III collagen FibroGen is a private biotech company and leader in recombinant human collagen and gelatin biology.
60

ZymoGenetics Soluble TACI

Research reported in April 27, 2000 issue of Nature Novel immunosuppressive agent with therapeutic potential for systemic lupus erythematosus (SLE) and other autoimmune disorders Modified form of a receptor found on surface of B cells, and member of the TNF receptor family SLE affects over 200K people in the US. No new drug launched for SLE in nearly 40 years Other potential indications include, inter alia, Myasthenia Gravis and Rheumatoid Arthritis.
61

Vision for Novo Nordisk

The worlds leading diabetes care company
Our aspiration is to defeat diabetes by finding better methods of diabetes prevention, detection and treatment We will work actively to promote collaboration between all parties in the health care system in order to achieve our common goals

Offer products and services in other areas where we can make a difference
Our research will lead to the discovery of new, innovative products also outside diabetes. We will develop and market such products ourselves whenever we can do it as well as or better than others

Competitive business results

Our focus is our strength We will stay independent and form alliances whenever they serve our business purpose and the cause we stand for

62

Our marketing strategy

Working together with patient organisations and health authorities

Examples:
The Diabetes Foundation in Spain Accredited education courses for GPs in Scandinavia and the UK Web Cafe and Type 2 education programme in France Children education project in Poland www.diabetes.dk
63

Children Education Project

Poland
Centrally developed education package 17 Workshops for 239 paediatricians and nurses

& 30 participants at the train-the-trainer workshop Managing 9000 children with diabetes
64

Triple Bottom Line

Why combine business, environment, and stakeholders?
To obtain trust and license to operate and innovate To attract and retain the most talented people To minimise risks and create possibilities To understand signs from stakeholders To be part of defining new legislation and requirements To meet rising demand from investors
(e.g. Dow Jones/ Sustainable Group Index)
65

Health Care Half Year 2000

Turnover by geography
DKK million EU Japan USA Rest of World Total HY/00 3,865 1,926 1,681 2,197 9,669 HY/99 3,392 1,513 1,081 1,688 7,674 % of total % change (HY/00) 40 20 17 23 100 14 27 56 30 26

66

Group financial results

Half Year 2000
DKK million Net turnover Operating profit as reported Operating profit adjusted*) Financial items Profit before tax Net profit Earnings per share (DKK) Earnings per ADS**) (USD) HY/00 12,016 2,589 2,259 (25) 2,564 1,615 23.04 1.48 HY/99 9,856 1,926 1,592 (150) 1,776 1,146 15.98 1.03 % change 22 34 42 44 41 44 44

*) Excluding Seroxat license income and one-off income in HY/00. **) Translated for convenience at the end of HY/00 exchange rate of USD 1 = DKK 7.7895. 67

Enzymes Business Half Year 2000

Financial results
DKK million Net turnover Operating profit Operating margin HY/00 2,367 318 13.4% HY/99 % Change 2,182 255 11.7% 8 25

68