share

Dividend
Ex-dividend
Record date
Payment

B shares
ADSs
B shares
ADSs
B shares
ADSs

27 March 1998
27 March 1998
31 March 1998
31 March 1998
1 April 1998
8 April 1998


			Novo Nordisk's shares in 1997 Novo Nordisk B shares equivalent to a market value of DKK 29 billion were traded on the Copenhagen Stock Exchange during 1997. This is more than twice as much as in 1996 and corresponds to 45% of the total market value (at the end of 1997) of Novo Nordisk's B shares, and 10% of the total market value of all shares traded on the Copenhagen Stock Exchange in 1997, respectively. Novo Nordisk's B shares closed at DKK 984 on 30 December 1997 against DKK 545 at the end of 1996 (adjusted for a change in the trading unit - see below). This represents an increase of 81% during 1997 compared with an increase in the Copenhagen Stock Exchange total index of 43% during the same period. The market value of Novo Nordisk's total share capital at the end of 1997 was DKK 73.8 billion, compared with DKK 40.9 billion at the end of 1996. Investor Relations Shareholders, financial analysts, representatives of banks, brokerage firms and other investment professionals should address inquiries concerning Novo Nordisk and its businesses to the company's Investor Relations offices:



			Outside of North America: Poul P Lykkesfeldt Novo Nordisk A/S Novo Allé 2880 Bagsværd Denmark Tel (+45) 4442 6468 Fax (+45) 4444 2314 E-mail ppl@novo.dk
					In North America: Peter Bækgaard Novo Nordisk of North America, Inc 405 Lexington Avenue Suite 6400 New York, NY 10017 USA Tel (+1) 212 867 0123 Fax (+1) 212 867 0298 E-mail peb@novo.dk

Declaration and payment of dividends
Based on historical practice, Novo Nordisk A/S declares dividends annually, usually announced and agreed at its Annual General Meeting. US and Canadian resident shareholders in the ADS system will receive their dividends denominated in USD less the required 15% withholding of Danish tax. Shareholders resident in other countries will receive their dividends denominated in DKK less the required 25% withholding of Danish tax. However, under the existing double taxation convention, UK resident shareholders may apply to the Danish tax authorities for a refund of dividend tax withheld in excess of 15%. Shareholders resident in other countries are eligible for a refund of dividend tax withheld in Denmark subject to the double taxation conventions in force between Denmark and the countries concerned.

Shareholders' inquiries concerning dividend payments, transfer of share certificates, consolidation of shareholder accounts and tracing of lost shares should be addressed to Novo Nordisk's transfer agents:


	Outside of North America: Den Danske Bank A/S Holmens Kanal 2-12 1092 Copenhagen K Denmark Tel (+45) 3344 0000 Fax (+45) 3929 0146
			In North America: Morgan Guaranty Trust Company of New York Morgan ADR Service Center PO Box 8205 Boston, MA 02266-8205 USA Tel (+1) 781 774 4237 Fax (+1) 617 575 4082


	Financial calender


	Annual General Meeting Novo Nordisk Laurentsvej 45 2880 Bagsværd Denmark		26 March 1998


	Announcement of financial results First three months 1998 Half year 1998 Nine months 1998 Full year 1998		Mid-May 1998 Mid-August 1998 Mid-November 1998 Mid-February 1999


	Perspective (shareholder magazine) available First three months 1998 Half year 1998 Nine months 1998		End-May 1998 End-August 1998 End-November 1998


			Dividend reinvestment The Automatic Dividend Reinvestment Plan for holders of American Depositary Shares (ADSs) in Novo Nordisk A/S provides shareholders with a simple and convenient way to reinvest dividends. Inquiries concerning the Plan should be addressed to: Morgan Guaranty Trust Company of New York Shareholder Services Program (re Novo Nordisk A/S) PO Box 9073 Boston, MA 02205-9948 USA Tel (+1) 800 428 4237 Fax (+1) 781 575 4082 Share information Novo Nordisk's B shares are quoted on the stock exchanges in Copenhagen, London and Zürich. Its ADSs are listed on the New York Stock Exchange under the symbol 'NVO'. The B shares are traded in units of DKK 10. The ratio of Novo Nordisk B shares to ADSs is 1:2 (one B share to two ADSs). The B shares are issued to bearer but may upon request be registered in the holder's name in Novo Nordisk's register of shareholders. Each holding of DKK 10 of A share capital carries ten votes. Each holding of DKK 10 of B share capital carries one vote. Change of trading unit On 2 January 1997, the trading unit of Novo Nordisk's B shares listed on the Copenhagen Stock Exchange changed from DKK 20 to DKK 10. In consequence, the ratio of B shares to American Depositary Shares (ADSs) listed on the New York Stock Exchange was changed from 1:4 to 1:2 (one B share representing two ADSs). Share ownership Novo Nordisk's A shares - a total of 10,748,720 - are held by the Novo Nordisk Foundation, a private foundation which grants financial aid according to scientific, humanitarian and social objectives. In addition, the Foundation holds 8,079,280 B shares. Holding 25.1% of the total share capital, the Foundation controls 67.3% of the total number of votes. As the company's B shares are in bearer form, there exists no official record of shareholders. At 31 December 1997, a total of 15,226 B shareholders were inscribed in Novo Nordisk's register of shareholders, holding between them a total of 44,812,378 B shares, which corresponds to 70% of Novo Nordisk's total B share capital. Based on the available sources of information on Novo Nordisk's shareholders, it is estimated that Novo Nordisk's B shares at the end of 1997 were distributed as follows:




			Breakdown of B shareholders			%


	Novo Nordisk Foundation Danish ATP (see below) Pension funds Insurance companies Private individuals, companies foundations and other Total		13 14 24 21 28 100


	Denmark North America UK Other Total		59 18 15 8 100


	At the beginning of February 1998, Danish ATP (Labour Market Supplementary Pension Fund) held B shares corresponding to 11.8% of the total share capital (A and B shares). This corresponds to 5.2% of the total votes.


	Selected stock exchange announcements in 1997

20 February
Novo Nordisk launches Norditropin®, human growth hormone in the US

3 March
Novo Nordisk signs research licensing agreement with Dr Reddy's Research Foundation

12 March
Financial results 1996

23 April
Annual General Meeting at Novo Nordisk A/S

14 May
Financial statement for the first quarter of 1997

13 August
Financial statement for the first half of 1997

18 August
The US Food and Drug Administration grants expedited review status to Novo Nordisk's NDA for repaglinide

7 October
Novo Nordisk files patent infringement suit against four human growth hormone manufacturers

11 November
Novo Nordisk submits NDA for Women's Health Care product

12 November
Financial statement for the first nine months of 1997

19 November
Advisory committee recommends approval for Prandin(TM), Novo Nordisk's new oral hypoglycaemic agent

20 November
Novo Nordisk enters Phase 3 with levormeloxifene

2 December
Novo Nordisk out-licenses Gabitril® to Sanofi

3 December
Novo Nordisk and Abbot Laboratories expand alliance for Gabitril®

23 December
The US Food and Drug Administration approves PrandinTM, new oral treatment for Type 2 diabetes

Form 20-F
Copies of the Form 20-F report filed in June with the US Securities and Exchange Commission can be obtained upon request from Novo Nordisk of North America, Inc (see 'Investor Relations').

Environmental Report
Copies of Novo Nordisk's Environment & Bioethics Report 1997 can be obtained upon request from Environmental Affairs, tel (+45) 4442 2554.

Internet
The Novo Nordisk web site (homepage) at http://www.novo.dk contains historical and updated information on Novo Nordisk's activities, including press releases from 1995 and onwards, financial results, investor presentations, backgrounders on business areas and the Group's most recent annual reports and accounts as well as environmental reports.



			Price development of Novo Nordisk's B shares on the Copenhagen Stock Exchange relative to the total index 1993-1997



			Price development of Novo Nordisk's ADSs on the New York Stock Exchange relative to Standard & Poor's 400 MidCap index 1993-1997



			Price development and monthly turnover of Novo Nordisk's B shares on the Copenhagen Stock Exchange 1997


	Corporate Management