UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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                                    FORM 6-K

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                            REPORT OF FOREIGN ISSUER

                       Pursuant to Rule 13a-16 or 15d-16
                     of the Securities Exchange Act of 1934


                                  MAY 18 2005


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                                NOVO NORDISK A/S
             (Exact name of Registrant as specified in its charter)


                                    NOVO ALLE
                               DK-2880, BAGSVAERD
                                     DENMARK
                    (Address of principal executive offices)

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Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F

                       Form 20-F [X]     Form 40-F [ ]


Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

                             Yes [ ]     No [X]


If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g-32(b):82-_____________________







DIRECTOR SHAREHOLDING

TRADING IN NOVO NORDISK SHARES BY BOARD MEMBERS, EXECUTIVES AND ASSOCIATED
PERSONS AS REPORTED TO NOVO NORDISK ON 17 MAY 2005

In accordance with Section 28a of the Danish Securities Trading Act, Novo
Nordisk is required on a daily basis to publish trading in Novo Nordisk shares
by the company's board members, executives and their associated persons as
reported by those persons to Novo Nordisk.

Please find below a statement of such trading in shares issued by Novo Nordisk.

NAME                                    KARE SCHULTZ

REASON FOR REPORTING                    EXECUTIVE VICE PRESIDENT
FINANCIAL INSTRUMENT AND ID CODE        NOVO NORDISK B SHARES
                                        DK001028081

TYPE OF TRANSACTION                     EXERCISE OF OPTIONS (PURCHASE OF SHARES)
DATE OF TRANSACTION                     13 MAY 2005
PLACE OF TRANSACTION                    COPENHAGEN STOCK EXCHANGE

VOLUME OF TRANSACTION                   38,530 SHARES (OF DKK 2 NOMINAL VALUE)
TOTAL VALUE OF TRANSACTION              DKK 7,412,190



NAME                                    KARE SCHULTZ

REASON FOR REPORTING                    EXECUTIVE VICE PRESIDENT
FINANCIAL INSTRUMENT AND ID CODE        NOVO NORDISK B SHARES
                                        DK001028081

TYPE OF TRANSACTION                     SALE OF SHARES

DATE OF TRANSACTION                     13 MAY 2005
PLACE OF TRANSACTION                    COPENHAGEN STOCK EXCHANGE

VOLUME OF TRANSACTION                   43,430 SHARES (OF DKK 2 NOMINAL VALUE)
TOTAL VALUE OF TRANSACTION              DKK 13,353,856           

DEFINITIONS AND BACKGROUND INFORMATION:

PUBLICATION

Publication shall take place the day after Novo Nordisk receives sufficient
information on the trading. Publication is only required when the total amount
of transactions of a specific board member/executive and his/her associated
persons in any one calendar year has reached 5,000 euros.

WHO ARE BOARD MEMBERS, EXECUTIVES AND ASSOCIATED PERSONS?

Board members and executives are members of the Board of Directors and Executive
Management, respectively, of Novo Nordisk A/S. Associated persons are defined as
the following persons associated to a board member/executive: 1) spouse or
cohabitant, 2) children under the age of 18 years, 3) relatives defined as
brothers, sisters, parents, grandparents etc, children, grandchildren etc who
have shared the same household with a board member/executive for at least one
year, and 4) any legal person, including a company, a foundation or a
partnership, which is controlled directly or indirectly by a board
member/executive and/or a person mentioned in 1)-3), or to which a board
member/executive and/or a person mentioned in 1)-3) has managerial
responsibilities or economic interests substantially equivalent to the legal
person.

WHAT IS TRADING/TRANSACTION?

Trading is any kind of transaction, including shares purchased or otherwise
acquired, shares sold or otherwise disposed, gifts, mortgages and grants and
exercise of options, but not heritage.

WHAT IS FINANCIAL INSTRUMENT AND ID CODE?

Financial instrument includes shares listed on the Copenhagen Stock Exchange and
London Stock Exchange as well as ADRs listed on New York Stock Exchange, except
for ADRs held in 401(k) retirement plan by US-based employees. The ID code is
the code (ISIN DK001028081) of the Novo Nordisk share on the Copenhagen Stock
Exchange, the code (NVOB) on London Stock Exchange or the code (NVO) on New York
Stock Exchange.

WHAT IS DATE AND PLACE OF TRANSACTION?

Date of transaction is the actual transaction date. The place of transaction is
the actual place of transaction, ie Copenhagen Stock Exchange, London Stock
Exchange or New York Stock Exchange.

WHAT IS VOLUME AND VALUE OF TRANSACTION?

The volume of transaction is the number of shares (of DKK 2 nominal value) or
other financial instruments traded. The value of the number of shares traded is
the transaction value (exclusive of trading expenses). The exchange rate of the
Danish Central Bank (Nationalbanken) on the date of transaction is used for
calculating the transaction value in DKK in case of shares traded on London
Stock Exchange and ADRs listed on New York Stock Exchange.

Novo Nordisk is a healthcare company and a world leader in diabetes care. The
company has the broadest diabetes product portfolio in the industry, including
the most advanced products within the area of insulin delivery systems. In
addition, Novo Nordisk has a leading position within areas such as haemostasis
management, growth hormone therapy and hormone replacement therapy. Novo Nordisk
manufactures and markets pharmaceutical products and services that make a
significant difference to patients, the medical profession and society. With
headquarters in Denmark, Novo Nordisk employs approximately 20,250 full-time
employees in 78 countries, and markets its products in 179 countries. Novo
Nordisk's B shares are listed on the stock exchanges in Copenhagen and London.
Its ADRs are listed on the New York Stock Exchange under the symbol 'NVO'. For
more information, visit novonordisk.com.

For further information please contact:

Media:                             Investors:
Outside North America:             Outside North America:

Elin K Hansen                      Mogens Thorsager Jensen
Tel (direct):                      Tel (direct):
(+45) 4442 3450                    (+45) 4442 7945

                                   Palle Holm Olesen
                                   Tel (direct):
                                   (+45) 4442 6175

In North America:                  In North America:

Susan T Jackson                    Mads Veggerby Lausten
Tel (direct):                      Tel (direct):
(+1) 609 919 7776                  (+45) 4443 7919


Stock Exchange Announcement No 17 / 2005







                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf of the
undersigned, thereunto duly authorized.

Date: MAY 18 2005                            NOVO NORDISK A/S
                             ---------------------------------------------------
                                            Lars Rebien Sorensen,
                                     President and Chief Executive Officer