The greatest threat to the future of our planet could well be lack of responsibility - at a global, national, corporate and, most importantly, at a personal level.

The global economy and the world population are expanding. Without a responsible approach to economic growth, the prospects for our planet could be dismal - even devastating. But we must take an optimistic approach and believe in our ability to learn and adjust to changes in the world in which we live, and thereby do business in a more responsible and sustainable manner.
Novo Nordisk is a world leader in recombinant technologies. These and other emerging technologies are enabling us to reach our goal of finding better ways to fight the burdens of disease and to provide sustainable biological solutions for industry and agriculture.

The move to sustainable development is in essence a paradigmatic change. Instead of being a threat to a company, I believe it can be an opportunity to create competitive advantages, if successfully integrated into the corporate strategy. But it requires a more holistic mindset which acknowledges that every company, and every single employee, must strive to make a difference. We must be ready to enter into dialogue with all interested stakeholders in order to fully understand the issues of sustainability. We must also be prepared to learn from and influence customers, suppliers and other interested parties who can bring us further. Complex as the

concept of sustainable development may be, we have been endeavouring to find ways to work with the issues it encompasses in a systematic and structured manner, so that we can set targets, quantify results and document progress.

We conducted a "Values in Action" project with the aim of identifying focus areas for Novo Nordisk within the sustainable development agenda.

An important outcome of this process was the need to document social responsibility and report annually on our progress in this area. We have been developing our reporting practices and this year for the first time a Social Report will be published covering performance in 1998.

Bioethics was another area that we found needed more focus and concerted action. With the aim of becoming more proactive in our approach to bioethics we have started working with these issues in a more integrated and methodical way. We also commissioned an external review of the way we handle bioethical issues.

As an integrated management philosophy, sustainable development is still a rather new concept for us. But as a company with a strong set of shared values the three pillars of sustainability - sound financial performance, continuous improvement in environmental performance and high social and ethical standards - have long been embedded in Novo Nordisk’s corporate culture.

Accountable, ambitious, open and honest - these are the values that we believe in, the values we live by. Although we still have much to do, I hope you will find that this report demonstrates that we are indeed walking the talk and living our values. Please let us know what you think of this - our sixth environmental report.

Mads Øvlisen
President and CEO
April 8, 1999