Financial statement for the first nine months of 1995.

NEW YORK--(BUSINESS WIRE)--November 8, 1995--

-- Consolidated sales increased by 3% to DKK 10,275 million - despite a decline in Novo Nordisk's invoicing currencies of more than 5% and divestiture of certain business activities, including Ferrosan A/S.

- Health Care Business sales up 9%.

- Enzyme Business sales down 2%.

-- Provision of approximately DKK 200 million for possible costs and write-offs in connection with divestitures or discontinuation of business activities.

-- Operating income increased by 14% to DKK 1,576 million.

-- Positive development in financial items (net).

-- Income before tax increased by 33% to DKK 1,656 million.

-- Net income increased by 29% to DKK 1,209 million.

-- Income before tax for the full year of 1995 is expected to increase by approximately 12%.

Novo Nordisk Financial statement for the first nine months of 1995

(Amounts in millions, except earnings per share/ADS and number of employees)

Nine months ended 30 September (unaudited)

1995 1994 %

DKK USD(a) DKK USD(a) Change

Net turnover 10,275 1,865.5 9,945 1,805.6 3

Operating income 1,576 286.1 1,380 250.5 14 Net financials 80 14.5 (135) (24.5) - Income before tax 1,656 300.6 1,245 226.0 33 Taxation 447 81.1 311 56.4 44 Net income 1,209 219.5 934 169.6 29

Employees at the end

of the period 12,872 12,620 2

Earnings per share 32.23 5.85 24.90 4.52 29 Earnings per ADS(b) 8.06 1.46 6.23 1.13 29

Average number of

shares outstanding

(million) 37.5 37.5 -

In 1994 the company changed its method for valuation of inventories by including direct labor costs; formerly, only direct materials and energy were included. For the financial year 1994, this change, which is in conformity with Danish Accounting Guideline No 8, has increased operating income by DKK 77 million and net income by DKK 51 million. The full effect is included in the fourth quarter of 1994.

(a) Translated for convenience at the 30

September 1995 exchange rate of USD 1.00 =

DKK 5.5080.

(b) Effective 18 April 1994, the ratio of Novo

Nordisk's B shares to ADSs was changed to

1:4 - one B share representing four ADSs.

Consolidated sales in the first nine months of 1995 were DKK 10,275 million compared with DKK 9,945 million in the corresponding period of 1994. This represents an increase of 3%.

Operating income was DKK 1,576 million, an increase of 14%.

Income before tax and net income for the period were DKK 1,656 million and DKK 1,209 million, respectively, increases of 33% and 29% over the corresponding period of 1994. The results for the first nine months of 1995 were affected by the following special factors:

- Divestiture of Ferrosan A/S with effect from 1 July 1995. Accordingly, Novo Nordisk's accounts for the first nine months of 1995 only include Ferrosan's sales and costs pertaining to the period 1 January to 30 June 1995. Adjusted for Ferrosan's sales in the third quarter of 1995, consolidated sales increased by 5%.

- A provision in the third quarter of 1995 of approximately DKK 200 million to meet expected costs and write-offs in connection with the potential discontinuation of non-core activities as well as depreciation on other fixed assets. This measure should be seen in light of Novo Nordisk's decision to focus on its core areas: Diabetes Care, HRT (hormone replacement therapy) products, human growth hormone and industrial enzymes. By way of comparison, the first nine months of 1994 included a provision of DKK 80 million in connection with the merger of two US companies. The provision of approximately DKK 200 million is included in operating income.

- A gain on the Group's marketable securities of DKK 62 million compared with a loss of DKK 154 million last year.

Consolidated sales developed in line with expectations measured in local currencies, but currency movements reduced the sales increase measured in DKK. The average value of Novo Nordisk's invoicing currencies calculated in DKK was slightly more than 5% lower in the first nine months of 1995 compared to the corresponding period of 1994.

The Group's total license fees and other operating revenues rose by 39% to DKK 312 million from last year's DKK 224 million. Approximately half of this revenue is attributable to license income from the antidepressant SeroxatR/PaxilR.

Total costs of the Group, excluding net financial costs and tax, totaled DKK 9,011 million, an increase of just under 3% compared with the same period of 1994. The limited cost increase, measured in DKK, is due to currency movements, but also to a smaller extent to the divestiture of Ferrosan. Direct production costs as well as sales and distribution costs decreased compared with the same period last year. Indirect production costs, research and development expenditure and administrative costs increased at a higher rate than Group turnover. Depreciation, which is included in the respective cost items, rose by 2% to DKK 751 million.

The limited increase in the number of employees is primarily attributable to the divestiture of Ferrosan, which reduced the number of employees by 613 as of 30 September 1995.

Outlook for 1995

Novo Nordisk initially expected a sales increase of up to 10% for the full year of 1995. Owing to developments in the exchange rates of the Group's invoicing currencies and the divestiture of Ferrosan, the sales increase is now expected to be at the level of 2-3%. Due to the ongoing refocusing of Novo Nordisk's corporate strategy, further provisions for restructuring costs may have to be made in the fourth quarter of 1995. However, the development in total costs as well as net financial items has been more favorable than expected. Against this background, Novo Nordisk now expects income before tax for the full year of 1995 to increase by approximately 12%.

The Group's capital expenditure for property, plant and equipment in 1995 is expected to be at the level of DKK 1.5 billion.

The effective tax rate for 1995 is still expected to be at the level of 27%.

Health Care Business (HCB)

Total HCB sales in the first nine months of 1995 rose to DKK 7,313 million from DKK 6,693 million in 1994. The 9% sales increase mainly reflects developments in volume/product mix, which rose by 15%. Currency exchange rate movements affected HCB's sales negatively by just over 5% compared with the first nine months of 1994.

Sales of Diabetes Care products increased by 5% to DKK 4,954 million, mainly due to larger volumes and an improved insulin product mix. Satisfactory progress was noted in key markets such as Japan and Germany. Sales to the US market showed a moderate decline reflecting an approximately 13% decrease in the average value of USD vis-a-vis DKK from the first nine months of 1994 to the corresponding period of 1995. Measured in USD, sales to the US market increased slightly.

Sales of HRT (hormone replacement therapy) products rose by 32% to DKK 631 million reflecting larger volumes sold in markets such as the UK, Sweden, Norway and the Netherlands.

Sales of NorditropinR (human growth hormone) rose by 13% to DKK 1,096 million. The positive development was due to larger volumes sold in Japan and a number of European markets.

Sales of other Health Care products increased by 25% to DKK 632 million, mainly due to the fact that sales of SeroxatR in the Nordic countries nearly doubled.

Enzyme Business (EB)

EB sales decreased by 2% from DKK 2,641 million in 1994 to DKK 2,575 million in 1995, although volume/product mix increased by 8%.

The lower sales mainly reflected unfavorable currency movements, especially for USD vis-a-vis DKK. Currency exchange rate developments affected EB's total sales negatively by 8% compared with the first nine months of 1994. Mainly for this reason, sales of detergent enzymes were lower than sales in the same period last year despite larger volumes sold. Sales of enzymes for the process industries increased compared with the same period last year. This is primarily due to volume improvements in sales to the baking and brewing industries.

Other businesses

Sales from other businesses were DKK 387 million compared with DKK 611 million in 1994. The 37% decline is mainly due to the divestiture of Ferrosan as sales of this unit for 1995 are only included in the first six months of the year. Additional factors are lower sales of Plant Protection products and the divestiture of the bulk antibiotics business in December 1994.

Net financials

In the first nine months of 1995 net financial income, including Novo Nordisk's share of profit in associated companies, was DKK 80 million compared with net financial costs of DKK 135 million in the same period last year.

This includes a net gain on foreign exchange of DKK 88 million compared with DKK 54 million in 1994; a net gain on marketable securities of DKK 62 million against a net loss of DKK 154 million in 1994; and net interest expense of DKK 7 million against net interest income of DKK 19 million in 1994.

Holding of own B shares

As of 30 September 1995, Novo Nordisk's holding of its own shares (treasury shares) was 295,950 B shares - unchanged from 30 June 1995.

Bagsvaerd, 8 November 1995

The Board of Directors Novo Nordisk A/S

Quarterly results for Novo Nordisk in 1995 and 1994 (unaudited)

(Amounts in DKK million, except earnings per share/ADS and

number of shares outstanding)

1995 1994 %(a)

3rd 2nd 1st 4th 3rd 2nd 1st

Qtr Qtr Qtr Qtr Qtr Qtr Qtr

Net turnover 3,341 3,530 3,404 3,579 3,369 3,441 3,135 (1) Operating income 519 584 473 670 524 445 411 (1) Net financials 105 23 (48) 17 (13) (71) (51) - Income before tax 624 607 425 687 511 374 360 22 Taxation 169 163 115 189 127 94 90 33 Net income 455 444 310 498 384 280 270 18

Earnings per share 12.13 11.84 8.26 13.27 10.24 7.46 7.20 18 Earnings per ADS(b) 3.03 2.96 2.07 3.32 2.56 1.87 1.80 18

Average number of

shares outstanding

(millions) 37.5 37.5 37.5 37.5 37.5 37.5 37.5 -

In 1994 the company changed its method for valuation of inventories by including direct labor costs; formerly, only direct materials and energy were included. This change, which is in conformity with Danish Accounting Guideline No 8, has increased operating income by DKK 77 million and net income for 1994 by DKK 51 million. The full effect is included in the fourth quarter of 1994.

(a) Development 3rd Qtr 1994 to 3rd Qtr 1995.

(b) Effective 18 April 1994, the ratio of Novo Nordisk s B shares to ADSs was changed to 1:4 - one B share representing four ADSs.

Novo Nordisk 3rd Quarter 1995 Financial Results (unaudited)

(Amounts in millions, except earnings per share/ADS)

3rd Quarter 1995 3rd Quarter 1994 % change

DKK USD(a) DKK USD(a)

Net turnover 3,341 606.6 3,369 611.7 (1)

Operating income 519 94.2 524 95.1 (1)

Net financials 105 19.1 (13) (2.3) -

Income before tax 624 113.3 511 92.8 22

Taxation 169 30.7 127 23.1 33

Net income 455 82.6 384 69.7 18

Earnings per share 12.13 2.20 10.24 1.86 18 Earnings per ADS(b) 3.03 0.55 2.56 0.47 18

Average number of shares outstanding (millions) 37.5 37.5 -

(a) Translated for convenience at the 30 September, 1995 exchange rate of USD 1.00 = DKK 5.5080

(b) Effective 18 April, 1994, the ratio of Novo Nordisk's B shares to ADSs was changed to 1:4 - one B share representing four ADSs.

CONTACT: Carsten Boess

Novo Nordisk of North America, Inc.

[phone]