The accounting policies applied by Novo Nordisk are in accordance with the Danish Company Accounts Act and the accounting regulations for companies listed on the Copenhagen Stock Exchange. The accounting policies have not been changed since 1999.
As a consequence of the demerger of Novozymes A/S, the comparative figures for 1997 to 1999 have been adjusted and presented as if Novozymes A/S had been demerged from Novo Nordisk in previous years. Restated figures for 1996 and earlier years are not available, thus the financial results below only include figures for 1997 and following years. Please also refer to the auditors' report which is attached to this press release.
PERFORMANCE IN 2000
2000 was an exciting and extraordinary year for Novo Nordisk, delivering growth exceeding the expectations at the beginning of the year. This growth was achieved in a year when the company simultaneously completed the successful demerger of Novozymes A/S into a separately listed company and through a private placement transformed ZymoGenetics Inc into an independent genomics-based research company.
2000 was an exciting and extraordinary year for Novo Nordisk, delivering growth exceeding the expectations at the beginning of the year. This growth was achieved in a year when the company simultaneously completed the successful demerger of Novozymes A/S into a separately listed company and through a private placement transformed ZymoGenetics Inc into an independent genomics-based research company.
OPERATING PROFIT
Operating profit growth for 2000 lived up to the company's long-term growth target of at least 15%. It also exceeded the expectations for the year as announced in February 2000. The main reasons for this are better underlying growth supported by more favourable exchange rates, especially JPY and USD against DKK, than anticipated in February 2000.
Operating profit growth for 2000 lived up to the company's long-term growth target of at least 15%. It also exceeded the expectations for the year as announced in February 2000. The main reasons for this are better underlying growth supported by more favourable exchange rates, especially JPY and USD against DKK, than anticipated in February 2000.
The growth in operating profit of 37% to DKK 4,816 million from DKK 3,527 million was driven by a 27% sales increase and an improvement in operating margin from 21.5% to 23.1%.
Operating profit for the continuing business - ie excluding Seroxat® licence income, one-off income in 2000 and Seroxat® licence income and restructuring costs in 1999 - increased 45%.
Profit before tax and net profit were realised at DKK 4,840 million and DKK 3,087 million respectively, corresponding to an increase of 45% before tax and 54% after tax compared to 1999.
Earnings per share increased by 58% to DKK 44.20 from DKK 27.98 (earnings per ADS increased to USD 2.76 from USD 1.74), reflecting growth from the business and the share buy-back programme.
SALES DEVELOPMENT
Sales increased by 27% to DKK 20,811 million from DKK 16,423 million in 1999. Growth was primarily achieved by volume gains and improved product mix, where coagulation disorders (NovoSeven®) and diabetes care were the main drivers. Sales to the US market increased by 54%, to the Japanese market 29%, and in Europe sales grew by 20%. Sales to the Rest of the World rose by 20%.
Sales increased by 27% to DKK 20,811 million from DKK 16,423 million in 1999. Growth was primarily achieved by volume gains and improved product mix, where coagulation disorders (NovoSeven®) and diabetes care were the main drivers. Sales to the US market increased by 54%, to the Japanese market 29%, and in Europe sales grew by 20%. Sales to the Rest of the World rose by 20%.
In local currencies sales increased by 16% compared with 1999. The value of Novo Nordisk's invoicing currencies, measured in DKK, was 11% higher in 2000 than in 1999. This reflects an appreciation of the key invoicing currencies, mainly JPY and USD. The value of JPY and USD increased by approximately 22% and 16%, respectively.
Diabetes care
Sales of diabetes care products grew by 24% to DKK 14,578 million from DKK 11,777 million in 1999. This increase reflects increased sales of Penfill® 3ml, vials and NovoLet® 3ml. Furthermore, the continued roll-out of NovoNorm(TM) in Europe contributed to the sales growth.
Sales of diabetes care products grew by 24% to DKK 14,578 million from DKK 11,777 million in 1999. This increase reflects increased sales of Penfill® 3ml, vials and NovoLet® 3ml. Furthermore, the continued roll-out of NovoNorm(TM) in Europe contributed to the sales growth.
NovoRapid® (rapid-acting insulin analogue), now launched in 14 countries in Europe, has shown very satisfactory market penetration. Innovo®, the first electronic insulin doser on the market, has now been launched in 8 countries.
In 2000 InnoLet®, the first insulin device developed especially for people with poor eyesight and reduced manual dexterity, was introduced. In line with the device strategy Novo Nordisk expects to introduce an additional innovative device in 2001.
Sales of insulin products in the US market, which account for approximately 13% of all Novo Nordisk insulin sales, increased by 31%, whereas in local currency sales rose by 13%. Growth in insulin volumes is partly driven by large tender orders won and delivered during the period. In addition, sales under Wal-Mart's ReliOn® brand of diabetes healthcare products have contributed to the sales growth.
Following the March 2000 cancellation of the co-promotion agreement on Prandin® and insulin products in the US with Schering-Plough Corporation, a dedicated sales force of approximately 600 has been established in the US. Novo Nordisk expects to introduce NovoLog® (the brand name of NovoRapid® in the US) and the Innovo® device to the US market in the second half of 2001.
Sales of NovoNorm(TM)/Prandin® rose to DKK 1,087 million, an increase of 49% over 1999. The roll-out in Europe continues, although reimbursement for NovoNorm(TM) is still pending in some countries. Sales increase was realised both in the US and in Europe in 2000. Studies of repaglinide in combination with rosiglitazone and pioglitazone are ongoing. Results hereof are expected during 2001.
Since the nine-month 2000 press release in November 2000, NN2211 (GLP-1) has moved into Phase 2. NN2211 is a stable analogue of the natural hormone, GLP-1, that glucose-dependently stimulates the insulin production. The compound decreases the level of the anti-insulin hormone glucagon. Furthermore, the potential effect of GLP-1 on appetite regulation is being studied.
Coagulation disorders
Sales within coagulation disorders (NovoSeven®) increased to DKK 2,270 million from DKK 1,313 million in 1999, up 73%. NovoSeven® continued its growth in Europe and especially in the US, where the product was launched in April 1999. NovoSeven® sales were enhanced by the May 2000 launch of the product in Japan.
Sales within coagulation disorders (NovoSeven®) increased to DKK 2,270 million from DKK 1,313 million in 1999, up 73%. NovoSeven® continued its growth in Europe and especially in the US, where the product was launched in April 1999. NovoSeven® sales were enhanced by the May 2000 launch of the product in Japan.
The estimates of the market potential for NovoSeven® for the current indication of haemophilia with inhibitors have been raised to USD 350 million from USD 300 million. Especially the patient group with acquired haemophilia has shown to be larger than previously anticipated.
Several new indications for the use of NovoSeven® are being investigated. Novo Nordisk has a Phase 2/3 project ongoing within orthotopic liver transplantation for patients with chronic liver disease. Within the same patient group it is expected that Phase 2 studies within liver resection and upper gastrointestinal bleeds will start up in the first half of 2001.
An exploratory Phase 2 study related to the use of NovoSeven® as a haemostatic agent during liver resection but in patients without pre-existing coagulation factor deficiencies has been initiated.
Further to this it is expected that Phase 2 studies for the use of NovoSeven® within bone marrow transplantation and as reversal of oral anti-coagulant therapy will start up in the first half of 2001. An exploratory study related to the use of NovoSeven® in connection with intra-cerebral bleeds is expected to start by mid-2001. A Phase 2 study for the use of NovoSeven® as a haemostatic agent for bleedings related to traumatic injuries are expected to start by the end of 2001.
Human growth hormone
Sales of products within growth disorders rose by 22% to DKK 2,107 million from DKK 1,721 million in 1999. The sales increase was positively affected by the appreciation of the JPY and the continued successful market penetration of Norditropin® SimpleXx(TM) (liquid Norditropin®) in a number of European countries. In March 2000 Norditropin® SimpleXx(TM) was approved in Japan and product launch was initiated in July. In November Norditropin® SimpleXx(TM) was approved for the additional orphan indication of short stature in non-growth hormone deficient Turner's syndrome. In October 2000 Norditropin® SimpleXx(TM) (Norditropin® cartridge in the US) was launched in the US. Thereby Norditropin® SimpleXx(TM) has been launched in all major markets.
Sales of products within growth disorders rose by 22% to DKK 2,107 million from DKK 1,721 million in 1999. The sales increase was positively affected by the appreciation of the JPY and the continued successful market penetration of Norditropin® SimpleXx(TM) (liquid Norditropin®) in a number of European countries. In March 2000 Norditropin® SimpleXx(TM) was approved in Japan and product launch was initiated in July. In November Norditropin® SimpleXx(TM) was approved for the additional orphan indication of short stature in non-growth hormone deficient Turner's syndrome. In October 2000 Norditropin® SimpleXx(TM) (Norditropin® cartridge in the US) was launched in the US. Thereby Norditropin® SimpleXx(TM) has been launched in all major markets.
Hormone replacement therapy
Sales of hormone replacement therapy products increased by 16% to DKK 1,306 million from DKK 1,130 million in 1999. Activelle(TM)/Activella(TM) was launched in the US in July 2000 via Novo Nordisk's partner Pharmacia. Among other countries Novo Nordisk expects to launch Activelle(TM) in France in 2001.
Sales of hormone replacement therapy products increased by 16% to DKK 1,306 million from DKK 1,130 million in 1999. Activelle(TM)/Activella(TM) was launched in the US in July 2000 via Novo Nordisk's partner Pharmacia. Among other countries Novo Nordisk expects to launch Activelle(TM) in France in 2001.
Sales of other healthcare products increased by 14% to DKK 550 million in 2000 from DKK 482 million in 1999.
COST DEVELOPMENT
Total costs, excluding financial expenses and tax, increased by 20% compared to 1999. The increase mainly reflects growth in sales and distribution costs. In 1999, restructuring expenses of DKK 350 million were included in the total costs.
Total costs, excluding financial expenses and tax, increased by 20% compared to 1999. The increase mainly reflects growth in sales and distribution costs. In 1999, restructuring expenses of DKK 350 million were included in the total costs.
Production costs rose by 19% to DKK 5,044 million. Production costs increased at a lower rate than sales, hence gross margin improved to 75.8% from 74.3% in 1999. The increasing gross margin reflects the appreciation of Novo Nordisk's invoicing currencies and an improved mix of products compared to 1999.
Sales and distribution costs rose by 30% to DKK 6,254 million, reflecting significant costs in connection with the continued roll-out of products such as NovoNorm(TM), NovoSeven®, Norditropin® SimpleXx(TM), NovoRapid® and Activelle(TM) and product introductions. Also investments in building up sales and marketing strength contributed to growth in sales and distribution costs. In addition, sales and distribution costs are impacted by the development in the foreign exchange rates.
Research and development costs rose by 23% to DKK 3,390 million corresponding to 16.3% of turnover compared to 16.7% in 1999. The increase in costs mainly relates to a general cost increase as the major projects move ahead in the pipeline. There is no significant impact on research and development costs in 2000 from the ZymoGenetics private placement.
Administration expenses rose by 9% to DKK 1,878 million.
Total employee costs rose by 21% to DKK 6,352 million. At the end of 2000, the number of employees was 13,752, an increase of 15% compared to 1999. The majority of this increase is seen within production and within sales and marketing.
Total depreciations, which are included in the respective cost items, increased by 10% to DKK 1,038 million. Depreciations in 2000 include a non-recurring write-down of minor assets.
LICENCE FEES AND OTHER OPERATING INCOME
Total licence fees and other operating income were DKK 571 million for 2000 compared to DKK 962 million in 1999. Licence fees and other operating income include income from the settlement of patent disputes with Eli Lilly and outlicensing of the HRT portfolio in the US, and both years include licensing income from Seroxat®, albeit at a significantly lower level in 2000 than in 1999.
Total licence fees and other operating income were DKK 571 million for 2000 compared to DKK 962 million in 1999. Licence fees and other operating income include income from the settlement of patent disputes with Eli Lilly and outlicensing of the HRT portfolio in the US, and both years include licensing income from Seroxat®, albeit at a significantly lower level in 2000 than in 1999.
NET FINANCIALS AND TAX
Net financials for 2000 showed a net income of DKK 24 million compared to a net loss in 1999 of DKK 178 million.
Net financials for 2000 showed a net income of DKK 24 million compared to a net loss in 1999 of DKK 178 million.
Net interest income increased to DKK 184 million in 2000 from DKK 117 million in 1999. The higher net interest income is primarily related to higher average net interest-bearing assets than in 1999 as a consequence of the positive cash flow.
In 2000 Novo Nordisk posted a foreign exchange loss of DKK 195 million compared to DKK 300 million in 1999. The net foreign exchange loss is primarily due to realised and unrealised losses on hedging of Novo Nordisk's currency exposure with respect to JPY and USD.
Marketable securities showed a net gain of DKK 56 million compared to DKK 21 million in 1999. Other financial expenses increased to DKK 24 million in 2000 from DKK 18 million in 1999.
The effective tax rate for 2000 was 36.2% which includes a 1.6 percentage point - or DKK 75 million - reduction reflecting the impact on deferred taxes caused by the reduction in the Danish corporation tax from 32% to 30%, with effect from 2001. The effective tax rate in 1999, adjusted for local taxes in relation to the demerger, was 37.8. The total taxes expensed in 2000 were DKK 1,753 million.
CAPITAL EXPENDITURES
The total net capital expenditure for property, plant and equipment in 2000 was DKK 2,141 million, compared with DKK 1,265 million in 1999. This reflects a significant increase in investments in production capacity initiated in 2000 to further support the continued roll out of existing products and launch of new products. Investments in 2000 were mainly realised within the diabetes care area and the capacity expansion programme for NovoSeven®.
The total net capital expenditure for property, plant and equipment in 2000 was DKK 2,141 million, compared with DKK 1,265 million in 1999. This reflects a significant increase in investments in production capacity initiated in 2000 to further support the continued roll out of existing products and launch of new products. Investments in 2000 were mainly realised within the diabetes care area and the capacity expansion programme for NovoSeven®.
FREE CASH FLOW AND FINANCIAL RESERVES
The free cash flow for 2000 increased to DKK 2,712 million from DKK 1,533 million in 1999. The improvement in free cash flow results primarily from increased cash generated from operations, which is partly counterbalanced by the rise in capital expenditures.
The free cash flow for 2000 increased to DKK 2,712 million from DKK 1,533 million in 1999. The improvement in free cash flow results primarily from increased cash generated from operations, which is partly counterbalanced by the rise in capital expenditures.
Novo Nordisk's financial resources at the end of 2000 were DKK 3,073 million compared with DKK 2,495 million in 1999. The financial resources reflect the purchase of treasury shares worth a total of DKK 2.5 billion and a net proceed related to Novozymes A/S stocks sold in connection with the initial public offering of DKK 773 million. In addition to the financial resources Novo Nordisk has undrawn committed credit facilities of DKK 4,812 million.
SHAREHOLDERS' FUNDS
Total shareholders' funds increased to DKK 15,738 million by the end of 2000, equalling 64.0% of total assets, compared with 65.8% in 1999.
Total shareholders' funds increased to DKK 15,738 million by the end of 2000, equalling 64.0% of total assets, compared with 65.8% in 1999.
Shareholders' funds in 2000 increased by net profit and a net proceed from sales of Novozymes A/S stocks but were reduced by repurchase of treasury shares and proposed dividend, equalling a net increase of DKK 661 million. Furthermore, currency adjustment of net assets in subsidiary companies etc had a negative effect on shareholders' funds of DKK 108 million. The net impact of these events on shareholders' funds is an increase of DKK 553 million.
Proposed dividend
The Board of Directors will propose to raise the dividend for 2000 by 36% to DKK 13.25 (DKK 6.63 per ADS) per share of DKK 10, from DKK 9.75 (DKK 4.88 per ADS) in 1999. The pay out ratio will thus be 30% compared with 29% in 1999. No dividend will be paid on the company's holding of own shares. If the dividend of DKK 9.75 per share for 1999 is split between Novo Nordisk A/S and Novozymes A/S according to net result for 1999, the corresponding dividend for the new demerged Novo Nordisk A/S would have been DKK 8.09 per share, hence the proposed dividend of DKK 13.25 per share of DKK 10 reflects an increase of 64% over 1999.
The Board of Directors will propose to raise the dividend for 2000 by 36% to DKK 13.25 (DKK 6.63 per ADS) per share of DKK 10, from DKK 9.75 (DKK 4.88 per ADS) in 1999. The pay out ratio will thus be 30% compared with 29% in 1999. No dividend will be paid on the company's holding of own shares. If the dividend of DKK 9.75 per share for 1999 is split between Novo Nordisk A/S and Novozymes A/S according to net result for 1999, the corresponding dividend for the new demerged Novo Nordisk A/S would have been DKK 8.09 per share, hence the proposed dividend of DKK 13.25 per share of DKK 10 reflects an increase of 64% over 1999.
Proposed reduction of share capital
In order to maintain capital structure flexibility the Board of Directors also proposes a reduction in the B share capital, by cancellation of nominally DKK 45 million (4,500,000 shares) of current treasury B shares, to DKK 602 million. This corresponds to a 6% reduction of the total share capital.
Change in trading units
In order to secure liquidity and bring price levels in line with market practice for both the Novo Nordisk B shares and American Depositary Shares (ADS), the Board of Directors has decided to revise the trading units. The trading unit of the Nordisk B shares listed on the Copenhagen Stock Exchange will be changed from DKK 10 to DKK 2. In addition, the ratio of B shares to ADSs listed on the New York Stock Exchange will be changed from 1:2 to 1:1; ie in the future one ADS represents one B share. These changes in trading units are expected to take effect as of 4 April 2001.
In order to maintain capital structure flexibility the Board of Directors also proposes a reduction in the B share capital, by cancellation of nominally DKK 45 million (4,500,000 shares) of current treasury B shares, to DKK 602 million. This corresponds to a 6% reduction of the total share capital.
Change in trading units
In order to secure liquidity and bring price levels in line with market practice for both the Novo Nordisk B shares and American Depositary Shares (ADS), the Board of Directors has decided to revise the trading units. The trading unit of the Nordisk B shares listed on the Copenhagen Stock Exchange will be changed from DKK 10 to DKK 2. In addition, the ratio of B shares to ADSs listed on the New York Stock Exchange will be changed from 1:2 to 1:1; ie in the future one ADS represents one B share. These changes in trading units are expected to take effect as of 4 April 2001.
Holding of own shares
As of 31 December 2000, Novo Nordisk's holding of its own shares was 6,311,432 B shares, corresponding to 8.37% of the total capital stock.
As of 31 December 2000, Novo Nordisk's holding of its own shares was 6,311,432 B shares, corresponding to 8.37% of the total capital stock.
The total number of shares repurchased during 2000 was 1,994,750 B shares. The shares have been repurchased under the DKK 3 billion repurchase programme initiated on 3 November 1999. Shares repurchased before November 2000 included the share value of the now demerged Novozymes A/S.
As of 20 February 2001, Novo Nordisk A/S' holding of its own shares was 6,317,441 B shares. The stock repurchasing programme initiated on 3 November 1999 has now been completed. In total 2,535,250 shares have been repurchased at an average price of DKK 1,183.
A total of 17,377 treasury shares were granted to Novo Nordisk employees during 2000. A total of 180,000 treasury shares were sold to Novozymes A/S in the first quarter of 2000 to cover existing incentive programmes for Novozymes employees.
A total of 17,377 treasury shares were granted to Novo Nordisk employees during 2000. A total of 180,000 treasury shares were sold to Novozymes A/S in the first quarter of 2000 to cover existing incentive programmes for Novozymes employees.
Stock option programme
As the company reached the targets for the option programme set out for 2000 approximately 300 executives around the world will receive options to buy a total of 152,600 B shares. The company's holding of its own shares will cover this commitment.
As the company reached the targets for the option programme set out for 2000 approximately 300 executives around the world will receive options to buy a total of 152,600 B shares. The company's holding of its own shares will cover this commitment.
In connection with the demerger, an incentive programme consisting of a 'share investment' scheme and an 'option grant' scheme was launched for the Executive Committee and senior vice presidents. Under this programme, participants have invested equal to one year's average gross salary in shares in Novo Nordisk. For each share held, each participant received options to purchase four B shares. In total, 140,316 options were granted under this programme.
ZYMOGENETICS INC
The private placement of new shares in ZymoGenetics Inc was finalised in November 2000. Novo Nordisk now controls less than 50% of the votes in ZymoGenetics. In connection with the launch of ZymoGenetics as an independent company, Novo Nordisk and ZymoGenetics have entered into an agreement by which Novo Nordisk is granted an option to obtain certain commercialisation rights to product candidates resulting from ZymoGenetics' research and development. As regards product candidates within diabetes, rights are worldwide. For other therapeutic categories, Novo Nordisk's options cover all markets outside of North America. Until November ZymoGenetics was fully consolidated, whereas ZymoGenetics from November is only included in Novo Nordisk's profit and loss statement with Novo Nordisk's share of the net result in research and development costs.
SETTLEMENTS IN 2000
In February an out-of-court settlement was reached with Eli Lilly and Company on patent disputes ending all litigations worldwide related to insulin analogues, insulin delivery systems and human growth hormone. In June Novo Nordisk and American Home Products reached an out-of-court settlement related to hormone replacement therapy products. In November Novo Nordisk announced an out-of-court settlement with Pharmacia Corporation regarding human growth hormone
In February an out-of-court settlement was reached with Eli Lilly and Company on patent disputes ending all litigations worldwide related to insulin analogues, insulin delivery systems and human growth hormone. In June Novo Nordisk and American Home Products reached an out-of-court settlement related to hormone replacement therapy products. In November Novo Nordisk announced an out-of-court settlement with Pharmacia Corporation regarding human growth hormone
OUTLOOK 2001
Continued roll out of products and introduction of new products in 2001 underpin Novo Nordisk's expectations of a satisfactory development in sales in 2001 relative to 2000.
Continued roll out of products and introduction of new products in 2001 underpin Novo Nordisk's expectations of a satisfactory development in sales in 2001 relative to 2000.
Assuming that currency exchange rates remain at the current level for the rest of the year Novo Nordisk expects to meet the long-term target of 15% growth in operating profit in 2001. In April 2000, Novo Nordisk filed a lawsuit against Aventis in Germany for patent infringement relating to the long-acting insulin analogue Lantus. On 31 January 2001 Novo Nordisk and Aventis reached an out-of-court settlement ending all litigations worldwide related to these patents. The settlement will increase Novo Nordisk's operating profit by close to DKK 250 million in 2001. This is reflected in the operating profit forecast for 2001.
Towards the end of 2000 Novo Nordisk increased the hedging period of expected future cash flow to 8-10 months. Hedging was carried out in Novo Nordisk's major currencies and the instruments used were forward exchange contracts and options. At the current level of exchange rates this will lead to a gain on foreign exchange hedging of around DKK 250 million in 2001. Combined with positive interest income and assuming that the current interest rates and exchange rates remain unchanged for the rest of 2001, the company expects net finance income to amount to approximately DKK 300 million. As a consequence profit before tax in 2001 is expected to increase by more than 20% compared to 2000.
As net expenses occur in DKK and net income occurs in virtually all other currencies Novo Nordisk is exposed to exchange rate fluctuations. A 5% movement in JPY, USD and GBP rates respectively will - other things being equal - have an annual impact on operating profit of DKK 150 million, DKK 75 million and DKK 45 million, respectively.
Although significant investments of up to DKK 2.8 billion in additional production facilities are foreseen the company expects free cash flow to be realised at the same level as in 2000. The tax rate is expected to be at the level of 36%.
The development of Novo Nordisk's key invoicing currencies and continued introduction of innovative products will be significant factors in relation to the fulfilment of our corporate goals for 2001.
LONG-TERM FINANCIAL TARGETS
In 1996 four long-term financial targets were set out by the Board of Directors for the company to reach. By 2000 all these targets were met. Following the demerger of Novozymes the Board of Directors has chosen the opportunity to revisit both the established long-term financial measures and targets for the company. The measures have been refined to enhance the focus on growth and shareholder value creation. Based on current business set up and aligning to the prevailing performance levels in the pharmaceutical industry the long-term financial targets have been set at:
In 1996 four long-term financial targets were set out by the Board of Directors for the company to reach. By 2000 all these targets were met. Following the demerger of Novozymes the Board of Directors has chosen the opportunity to revisit both the established long-term financial measures and targets for the company. The measures have been refined to enhance the focus on growth and shareholder value creation. Based on current business set up and aligning to the prevailing performance levels in the pharmaceutical industry the long-term financial targets have been set at:
FORWARD-LOOKING STATEMENT
The above sections contain forward-looking statements as the term is defined in the US Private Securities Litigation Reform Act of 1995. The forward-looking statements include statements regarding Novo Nordisk's expected growth rates.
The above sections contain forward-looking statements as the term is defined in the US Private Securities Litigation Reform Act of 1995. The forward-looking statements include statements regarding Novo Nordisk's expected growth rates.
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, delay or failure of development projects, production problems, 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 by Novo Nordisk with the US Securities and Exchange Commission (SEC) including the company's Form 20-F, which was filed on 2 May 2000.
Novo Nordisk is under no duty to update any of the forward-looking statements after the date of this report or to confirm such statements to actual results, unless required by law.
ANNUAL ACCOUNTS
The printed version of the annual accounts for 2000 is due on 6 March 2001. However, the Internet version of the annual accounts will be available on the company's homepage at the address: www.novonordisk.com from 27 February 2001.
The printed version of the annual accounts for 2000 is due on 6 March 2001. However, the Internet version of the annual accounts will be available on the company's homepage at the address: www.novonordisk.com from 27 February 2001.
ATTACHMENTS
Novo Nordisk's profit and loss account, shareholders' funds, balance sheet, cash flow statement and auditors' report are attached to this announcement.
Novo Nordisk's profit and loss account, shareholders' funds, balance sheet, cash flow statement and auditors' report are attached to this announcement.
Bagsværd, 20 February 2001
The Board of Directors
Novo Nordisk A/S
The Board of Directors
Novo Nordisk A/S
For further information please contact:
Media
Outside North America
Karsten Madsen
Tel (direct): (+45) 4442 4137
In North America
Susan Toth Jackson
Tel: (+1) 212-867-0123
Investors
Outside North America
Peter Haahr
Tel (direct): (+45) 4442 1207
Palle Holm Olesen
Tel (direct): (+45) 4442 6175
In North America
Rasmus Holm-Jørgensen
Tel (direct): (+1) 212-878-9607
Outside North America
Karsten Madsen
Tel (direct): (+45) 4442 4137
In North America
Susan Toth Jackson
Tel: (+1) 212-867-0123
Investors
Outside North America
Peter Haahr
Tel (direct): (+45) 4442 1207
Palle Holm Olesen
Tel (direct): (+45) 4442 6175
In North America
Rasmus Holm-Jørgensen
Tel (direct): (+1) 212-878-9607
Further information on Novo Nordisk is available on the company's Internet homepage at the address: www.novonordisk.com
CALENDAR FOR 2001
20 March 2001 - Annual General Meeting
8 May 2001 - First quarter results 2001
7 August 2001 - Half year results 2001
6 November 2001 - First nine months results 2001
8 May 2001 - First quarter results 2001
7 August 2001 - Half year results 2001
6 November 2001 - First nine months results 2001