Income before tax and net income for the first nine months of 1997 were DKK 2,250 million and DKK 1,573 million respectively, up 19% and 17% over the corresponding period of 1996.

Operating income was DKK 2,212 million, up 25%.
Consolidated sales in the first nine months of 1997 were DKK 12,347 million compared with DKK 10,725 million in the corresponding period of 1996, an increase of 15%. The average value of Novo Nordisk's invoicing currencies measured in DKK was up approximately 5% over the first nine months of 1996.
The Group's total licence fees and other operating revenues rose 41% to DKK 467 million, of which licence fees from the antidepressant Seroxat®/Paxil® accounted for DKK 387 million. A major reason for the rise is a 21% increase in the average GBP rate vis-á-vis DKK from the first nine months of 1996 to the corresponding period of this year.
The Group's total costs, excluding net financials and tax, rose 14% to DKK 10,602 million. The development in currency exchange rates, especially USD, had a negative impact on the Group's cost level in the first nine months of 1997 compared with the first nine months of 1996. According to plan, the largest relative increases were realised within sales and distribution costs and research and development expenditure. Sales and distribution costs include, among other things, costs associated with the switch to self-distribution in Japan as of 1 April 1998, as well as a higher level of costs relating to expansion in growth markets. The increase in administrative expenses was significantly lower than the average increase in the Group's total costs. Expected cost savings in the Group's staff and service activities are being realised marginally faster than planned. Depreciation, which is included in the respective cost items, increased 14% to DKK 873 million, primarily due to the start of production in August 1996 at Novo Nordisk's new insulin filling plant in Clayton, North Carolina, US.

Outlook for 1997
For the full year of 1997, Novo Nordisk now expects an increase in operating income and in income before tax of approximately 20-25% as compared with previous expectations of at least 15%. The increased earnings expectations are primarily due to favourable developments in the Group's invoicing currencies, a major improvement in the production economy and larger than expected net financial income.
The effective tax rate for 1997 is now expected to be 30%. The upward adjustment from the previously projected 29% is mainly caused by lower depreciation for tax purposes.

Health Care (HC)
Total HC sales in the first nine months of 1997 rose to DKK 9,063 million from DKK 7,931 million in the first nine months of 1996. The 14% sales increase is due to an improvement in volume/product mix of 11%, a positive impact from currency exchange rates of 4% and a negative pricing impact of 1%.
Sales of Diabetes Care products increased 16% to DKK 6,442 million due to larger volume and an improved product mix, notably increased sales of Penfill® for NovoPen®, and of the disposable pen NovoLet®. Especially Japan, Russia and the markets in Central Europe contributed to the sales increase.
Sales of Diabetes Care products in the US market, which account for close to 10% of total Diabetes Care sales, rose 9%. However, measured in USD, sales were 4% lower than in the first nine months of 1996. As reported in Novo Nordisk's first-half 1997 statement, the unsatisfactory development in the US is due to several factors, including lower than expected usage of Penfill® insulin preparations by users of NovoPen® injection systems; lower than expected sales of insulin in traditional vials; a shift in customer mix towards relatively larger sales to wholesalers; and loss of employees in the US during a period earlier this year.
In August 1997, the US Food and Drug Administration (FDA) granted priority review status to repaglinide, Novo Nordisk's new, fast-acting oral antidiabetic agent (NovoNorm® outside the US). Novo Nordisk's application for approval of repaglinide will be reviewed by an FDA Advisory Committee at a meeting on 19 November 1997 (it should be emphasised that a positive outcome of this meeting is no guarantee of final FDA approval of repaglinide). Against this background, Novo Nordisk is currently evaluating how to better exploit the potential represented by the US market.
Sales of Women's Health Care products (HRT products - hormone replacement therapy) rose 10% to DKK 708 million. This market is characterised by continued, strong competition and lower than expected market growth in Germany. In September 1997, Novo Nordisk filed for regulatory approval of Nuvera™ (a refined, low-dose version of Kliogest® for oral hormone treatment of menopausal symptoms) with the European health authorities. In the US, the NDA (New Drug Application) for this product was submitted to the FDA on 11 November.
Sales of Growth Disorder products (Norditropin® - human growth hormone) rose 6% to DKK 1,157 million. The limited growth primarily reflects a mandatory price reduction on Norditropin® of approximately 13% imposed on Novo Nordisk by the Japanese authorities on 1 April 1996, as well as increased competition and lower market growth, also in Japan. Measured in volume, sales of Norditropin® increased approximately 8% compared with the first nine months of 1996. Sales of other Health Care products were DKK 756 million, up 21% on the first nine months of last year. Sales of Seroxat® in the Nordic countries decreased 27% to DKK 176 million compared with the first nine months of last year due to continued, strong competition in Norway and Sweden and parallel imports in Norway.
Sales of NovoSeven® amounted to DKK 235 million in the first nine months of 1997, up 167% on the first nine months of 1996 during which the product was introduced in a number of EU countries.

Enzyme Business (EB)
EB sales increased 17% to DKK 3,239 million in the first nine months of 1997 from DKK 2,760 million in the first nine months of 1996. This development reflects an increase in volume/product mix of 10% and a positive development in USD vis-ˆ-vis DKK, bringing the total positive impact from currency exchange rates to 7%. The increase in sales of enzymes is primarily due to larger sales to the detergent, baking and brewing industries. Sales to the detergent industry were positively impacted mainly by increased enzyme dosage by detergent producers and a generally increased use of enzymes in detergents. As for the baking and brewing industries, the sales growth reflected continued, rising sales of Novamyl™ (antistaling enzyme) and Maturex™ (accelerates maturation of beer). Sales to the textile industry were lower than in the first nine months of 1996. The textile industry in general is still hit by lower demand due to a shift in fashion away from blue jeans towards darker clothes, which has resulted in sharpened competition from cheaper, substitutable products.
During the first nine months of 1997 Novo Nordisk introduced five new products for the detergent and textile industries.

Net financials
Net financial income for the first nine months of 1997, including Novo Nordisk's share of profit in associated companies, was DKK 38 million compared with DKK 126 million in the same period last year.
This includes a net foreign exchange loss of DKK 38 million compared with a net foreign exchange gain of DKK 83 million in 1996; a net gain on marketable securities of DKK 39 million compared with DKK 40 million in 1996; net interest income of DKK 58 million compared with DKK 21 million in 1996; and other financial costs of DKK 20 million compared with DKK 28 million in 1996.

Holding of own B shares
As of 30 September 1997, Novo Nordisk's holding of its own shares (treasury shares) was 591,900 B shares - unchanged from 30 June 1997.

Forward-looking statements
The above section 'Outlook for 1997' 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, 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 more fully 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 23 June 1997.

Bagsværd, 12 November 1997

The Board of Directors Novo Nordisk A/S

An overview of Novo Nordisk's quarterly figures for the period 1994-1996, restated according to Novo Nordisk's new accounting principles effective 1 January 1998, can be obtained by contacting Mrs Ella Begtrup, Investor Relations (tel: +45 4442 2379; fax: +45 4444 2314).

Quarterly results for Novo Nordisk in 1997 and 1996 (unaudited)
(Amounts in DKK million, except earnings per share/ADS and number of shares outstanding)
	1997				1996				%*)
	3rd	2nd	1st		4th	3rd	2nd	1st
	Qtr	Qtr	Qtr		Qtr	Qtr	Qtr	Qtr
Net turnover	4,455	4,232	3,660		4,148	3,674	3,618	3,433	21
Operating income	895	765	552		619	622	635	510	44
Net financials	10	20	8		9	42	37	47	(76)
Income before tax	905	785	560		628	664	672	557	36
Tax	292	223	162		176	193	195	161	51
Net income	613	562	398		455	471	477	396	30
Earnings per share of DKK 10	8.17	7.49	5.30		6.06	6.28	6.36	5.28	30
Earnings per ADS	4.09	3.75	2.65		3.03	3.14	3.18	2.64	30
Average number of shares outstanding (million)	75.0	75.0	75.0		75.0	75.0	75.0	75.0	-
*) Development 3rd Qtr 1996 to 3rd Qtr 1997.