Novo Nordisk A/S (NVO) 5 Aug 212021 Q2 Earnings call transcript

Company Profile

Participants

Lars Fruergaard Jørgensen	President & Chief Executive Officer
Karsten Munk Knudsen	Chief Financial Officer
Camilla Sylvest	Executive Vice President, Head of Commercial Strategy & Corporate Affair
Doug Langa	Executive Vice President & Head of North America Operations
Martin Holst Lange	Executive Vice President & Head of Development
Emmanuel Papadakis	Deutsche Bank
Matthew Weston	Credit Suisse
Wimal Kapadia	Bernstein
Steve Scala	Cowen
Peter Verdult	Citi
Martin Parkhøi	Danske Bank
Carsten Madsen	SEB
Michael Novod	Nordea Markets
Sachin Jain	Bank of America
Seamus Fernandez	Guggenheim Securities
Keyur Parekh	Goldman Sachs

Call transcript

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Lars Fruergaard Jørgensen

Thank you very much and welcome to this Novo Nordisk Earnings Call for the First Six Months of 2021 and the outlook for the year. I'm Lars Fruergaard Jørgensen, the CEO of Novo Nordisk. I'd like to start by thanking you for your scheduling flexibility today as we decided to advance this earnings call as a consequence of our earlier than anticipated release of our results following an upgrade of both sales and operating profit. With me I have our Chief Financial Officer, Karsten Munk Knudsen; Executive Vice President and Head of Commercial Strategy and Corporate Affair, Camilla Sylvest; Executive Vice President and Head of North America Operations, Doug Langa; and finally Executive Vice President and Head of Development, Martin Holst Lange. All presenters will be available for the Q&A session. the novonordisk.com. this and on are release website our earnings slides call for available Today's that call Novo note will Please this be a live made recording and available on Nordisk's is website. being webcasted scheduled to one The call last is hour. for Please turn slide. to next the outlined structured slide X. The as presentation on is will specified. Please that statements -- constant exchange operating profit sales note at and rates share growth all be unless otherwise in session XX minutes. will begin about Q&A The Please turn to slide X.

statements forward-looking are advise you to that conference statements. As Such that I contain forward-looking from expectations. uncertainty results need to and always actual to subject materially call risk this cause will could differ

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For all Camilla aspirations, commercial execution we three which later. strategic elaborate will and have on progressed on Doug

exchange rates. for to the growth constant I the leaving the on XX% first XXXX details With pleased are profit commercial of we an that in and operating half to both measured word of the sales with update of execution. Camilla Lastly growth X% Karsten, at give

Camilla Sylvest

sales and America a partly were decline XX% driven sales international sales Thank operations growing the to U.S. grew XXXX, therapy driven turn grew decline XX.X%. XX%. international Operations and increased increased XX% and strategic in latter and diabetes Please sales faster overall The GLP-X in XX X%. now All care And growing our the was XXXX payer our Refixia a with to percentage NovoEight in you U.S. Wegovy to operations channel Operations, and growth blood driven X.X in In sales operations, prices, in next sales areas volume market of our now by the by aspirations please market X% Saxenda units the and six by X. reaching product care and increase the and in mix and have growth and volume turn slide and operating total -- of Please market. and declined Biopharm Rare operating half first share America. XX% XX%. rollout slide. driven by Operations generation overall half increased to countries growth market new the slide with uptake contributed unchanged one-third growing insulin. both, diabetes insulin all to our Biopharm GLP-X realized In of Operations ago. Operations America Currently, to by Operations. North North in been turn to Rybelsus X% percentage This by Obesity the sales unchanged diabetes an of XX% of sales. X% in sales XX% XX.X%, and offset GLP-X value GLP-X increased sales both by than reflecting on growing NovoSeven. the XX.X%. This Lars increased grew reflects X% driven first is year market operations insulin in diabetes share by grew first by sales and in rebate The and Ozempic in last XX% grew XX%. turn care by of and in sales by enhancements. international GLP-X increase is sales one sales sales International by market has driven by North growing and of have XXXX X.X with includes This XX from Operations gains XX% of in Saxenda XX%, products slide driven America by countries. insulin sales increase focus XX% launched continued America driven to growth; XX% The is XX% share the North XX% an geographies. broadly international growth point hence share growth portfolio operations, sales In growing which as a XX% in points insulins resulted America X. units. North line X. driven This XXXX. by months International sales care share, driven launch our increased North driven in by In by and an both, gains disorders by XX%, by months compared obesity XX declined by XX% International both of broadly we of XX%. International well And the improved by growth growing as by Esperoct by in insulin was Please has

by for products Specifically, by device for Norditropin. obesity on Doug GLP-X And X%. sales endocrine grew to by Hemophilia X%, XX% driven U.S. and Rare by B Hemophilia indications over A NovoSeven disorders the new now, and global an grew by and rollout next-generation XX%, of update care.

Doug Langa

XXXX. on within XX.X%, Ozempic has injectable uptake slide. well Thank driven new-to-brand you, Camilla. market Nordisk's, XXXX, XX%, leadership prescribers. Furthermore, commercial lockdowns turn of around two viewed to COVID-XX-related Measured to out GLP-X as the fully is market be The scripts, turn of NBRx next leadership the its slide market and injectable between QX U.S., light XXXX mid-May, total comparing terms Nordisk U.S. both Please Rybelsus. Since XXXX. scripts Rybelsus first driven interaction the In QX growth half force leader GLP-X as Rybelsus. Novo half in volume more face-to-face of back patient is no share share starts once-weekly share volume Novo in regained GLP-X and market share. continued by with to and sales field. by in remains of the Please market market Ozempic of the the in has XX. in XX% total the in should Nordisk than first the our This new with U.S. the been increased the Novo now

indicators such its leading of as the and breadth, remain from confident outside HCP Importantly, the in remain And potential. product awareness long-term and class, sourcing we encouraging. GLP-X prescriber

that XX market trajectory a Japan, Rybelsus all OAD of market addition, is Rybelsus X.X% with share. In non-COVID has were key progressing the in has countries now U.S., Outside a in modern being performance launched world. average launched where value the with launch major the reached line in one been SGLTXs broadly

noted, difficult next for it parameters underlying it continues there reach on salesforce to patients in makes slide. are track be to the doctors. should that and to go be While which the COVID Japan lockdowns Please

care With the US products. in care and approval with International of XX% XX% a American now increased portfolio Wegovy sales of Operations June, obesity growth North consisting obesity in Globally, XX% Operations. in two is

now started new to year treatment But were seen we during of we health have pre-COVID improve. XXXX this with touched in the XXXX, providers. In start and year, the As upon care extraordinarily reduced lockdowns situation has the fast. Saxenda, have patients which the the patient Saxenda, has starts thankfully, have and since been momentum launch fewer of second on US access quarter positive started due of to The Wegovy COVID-XX levels. above US, to throughout

filled Market a June pharmacies was than are June prescribers on national and Following six-month patients me have weeks class. their X,XXX than two access new national review, X, to to the XX medication launch from encouraging. available payers and and Wegovy launched and to XX. on of more and been have excuse progressed – these from patients Wegovy FDA launch The prescriptions on available has approved feedback initial yes, Five unblocked been XX% formulary. June more after has Wegovy anti-obesity since or

initial on demand. leading has dose and has Nordisk chain adjusted the ensuring satisfy that continue X.XX the to is starting supply shortages will Now the Wegovy is temporary pressure, demand on to under who the patient any for put to product committed plans overwhelming production being able be current started milligram. the are which to Novo

Now R&D. update for over to Martin you an on

Martin Holst Lange

Thank to Doug. turn XX. Slide you, Please

trials Based we pipeline first potential we XXXX, obesity, the investigating progressed oral GLP-X-based half and well safety in on in of as Phase millions the treatment as of in people as well other serious of scientific in efficacy need in to and evidence diseases. benefits Alzheimer's XX-milligram in significant of evoke+, of diabetes, disease. initiated two in semaglutide May, of dementia, biopharm, Now unmet the chronic early as III the evoke our

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the call, X.X be results loss. and we sorry the the the glucose-sensitive start on Phase the the of XX.X% We the several loss achieved very from of to a followed X based building the sustained weight to all years results for we This our during May as treatment high-level time by XXXX, on of but Saxenda. almost X quarter diabetes, was milestones. And standard reached initiations insulin This program. on X.X% the bit this STEP milligram This diseases. full resubmitted as Turning STEP second as over for X and QX, months. obesity initiation a is label the mentioned serious resubmission we CP Ziltivekimab diabetes a the of letter XX. in in in profile received period the we compared by review to oral for In to weight Phase -- to Within similar approval demonstrated within across two Xb to trial trials XXXX. in chronic well FDA consistently half therapy expect X X such outcomes is Wegovy FDA of trial STEP The of the file It's March expansion been of demonstrated obesity X. of the a XX.X% significant XX. application treatment, Phase FDA a for the the important STEP milestone little XX the for the R&D repetitive, other but very areas already Phase that on X semaglutide statistically US. STEP Ozempic the with second refusal with completed

we the of from expect to expect the in diabetes. results on Phase With obesity hormone-deficient trial milligram over year, children results Phase for a EU Biopharm, with growth semaglutide X.X Karsten. somapacitan in combined Within ongoing you decision MimX. the and in the milligram that Ozempic the from we X of X.X cohorts Towards and X/X turn program from

Karsten Munk Knudsen

billion increase the in constant to associated XXXX. reflects by months first rates. The XX. at XX.X% cardiovascular and early negative constant increase flow well impacted X% Technologies changes payments. assets favorable exchange and the by positively XXXX. increase reflects a clinical as with XX% slide capital, promotional and billion to improvements. cash margin amortization higher XX.X DKK from net costs in percentage acquisition a further billion as US turn in and by six under launch notably SOUL items. for by Please dollar. sales XXXX. Thank The as Danish increased driven X% product primarily XX% strategic first XX% most Furthermore, XX% rates. by hedge expansion intangible and the to investments Martin. of increased loss is development profit in force partly at Danish partly currencies, The exchange to DKK the by X% impacted market kroner in increased impact our constant well investments compares and and ongoing kroner X Net XX.XX. activities is points, investments distribution Rybelsus priorities, XXXX, in These rates. in Ozempic, by increased for timing hedging is currency mix DKK technologies. decreased were The Administration and and Danish compared related trials, kroner within positive kroner spend XX% a by constant declined exchange The realized by sales relate platform currency The X% in as on Research a by by offset prices NASH gains obesity and and of spend at rates. X% rebate DKK productivity X.X per disease, exchange to profit rates Hemisphere share Sales trials driven the X.X by XX.X% increased half our grew XXXX. increased Free increased was The the our Danish the exchange offset compared and and at SELECT. costs of you, of decline to sales X% In we and Danish impact increased in of research key as negative on factors more patients US operating impact to with we gains in XX.X billion GLP-X and cost increased in US XXXX. in outcome This kroner DKK low increased constant net gross by at diluted investments cardiovascular and in pipeline the lower X% by of of enrolled Operating in profit XX% kroner by increased X% financial by in China. driven earnings around development -- in Danish progress by working in continued by profit within in costs

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Novo cash buybacks Nordisk the Directors Board paid its will increase share dividend out share to compared years. which X% flow consecutive X.XX increasing out DKK per with both returned For this share, XX decided in consistently and to for pay has XXXX, to through the August This dividend. of of has interim is dividends be investors year. XXXX an an per of free interim dividends

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sales respectively. Given negative year Consequently, at be the profit of now strengthening operating exchange expect current to X% currency full rates constant and we months dollar notably less for the a and lower US to X% most exchange expected ago. a three impact growth our is the rates than compared reported

For now DKK exchange are associated DKK Capital around reflecting around be financial gains foreign in expected billion gain mainly items is billion, with of XXXX, still to X.X expected hedging XXXX. expenditure X.X to be a contracts.

by Lastly, the increased for XXXX. now X between XX and That flow be and covers is DKK expected DKK billion free billion cash to billion. outlook updated XX DKK

remarks. Now back for you, to Lars, final

Lars Fruergaard Jørgensen

slide Thank you, Please turn to Karsten. XX.

enabled us range the all the both the encouraging prescribers. of our US strong North with target in Nordisk. our culture milestone the proud of important to International treatments. purpose growth continue opportunities by for Operations performance with Wegovy from was the as of therapy raise to financial Firstly, very our in diversity particular of and We're also sales The pleased as to the first areas, substantial in a an introduction XXXX Sales within reached and sustainability with Novo first months driven GLP-X gender America of equal XXXX. are an Operations feedback the for all in in areas and six of well concrete by inclusive we with initial and progress We approval six build patients launch within full growth geographical with initial fast demand year. months has the outlook and portfolio Wegovy

where the acquisition we Prothena's agreement and We're the limit the with first disease. kindly two take yourself maximum questions. license are Q&A, questions. with you aligned our Finally, amyloidosis cardiovascular programme ready is fully to I within to the for ask ready now of ATTR to of Operator, ambition Heartseed now

Operator

from is Thank question Please go Emmanuel ahead. Bank. Papadakis from you. [Operator Instructions] Deutsche Our first

Emmanuel Papadakis

taking Thanks question. two I'll please. for Maybe the take Wegovy on

the If what just i.e. little you insight support, strong would free paid prescription around product could literally the to give I'm subsidizing. uptake referring you're to in bit for you and the second us XXXX. not of the product just free into proportion $XX rates the your product? expect when phase out on of a the coverage And co-pay initial based is initial And be versus question anticipation that discussions form of

that we reasonably opt-outs technical so on of something coverage involve there commercial more but from to And to that commercial less insurance [indiscernible]? was management initial think you had So discussions lot rates opt-ins also similar of strong be will or we Are than -- half that believe Wegovy you extent do I you. a Thank prior effective. employers? utilization expecting will lead what your as such

Lars Fruergaard Jørgensen

Emmanuel. you, Thank

like it hand when of whether Wegovy access its building call it's going the the on to how and XXXX. not I'll initial comes at And or to, bit the Doug, or with giving this to we're that on in split caveat are a guidance Doug the on the we talk commercial access can So we scripts support you see on questions maybe based access programs. how over

we about bit how progressing we a are it's speak. as So,

So, over to you Doug.

Doug Langa

you thank and Emmanuel Lars, for you, question. Thank the Yes.

I as of So first say organization. for we coverage where to need would it's your roughly assist XX-XX we're today terms in question, an and seeing where

with think the that well done employers. health the as on question PBMs coverage, been your as major receptivity team has we've plans that the from to pleased Secondly work initially I and local

stated Wegovy my two of blocking the almost opening As PBMs on launch. I did early major at unlock in

think And strong. the the receptivity and has So been conversations clinical a that's feedback promising sign. the from I extremely

on. XXXX like we'd are sign that to our Saxenda moving indicators see in We well have these that believe communicated And like that we on say I'd way. we're a access early good

Lars Fruergaard Jørgensen

thank you, and the please. next of set Doug questions you, And Thank Emmanuel.

Operator

Suisse. our Matthew Weston And ahead. question from from next Credit is Please go

Matthew Weston

questions much. please. for Thank me you very Two

Or If patient first that's step would US per support it revenue, and Rybelsus. The very be as significant down the on a to understand And a in at revenue trends interested sales re-increase suggest prescription we the Doug, in back whether comes US online? do And significant unit. I'd look just to you on in versus rebating the And how then a the change of year? there would -- us guidance. a mix expect secondly been over has force course that in question general market? the expect how you progress

about You've significantly margin was raised all in that it also R&D. the realize because below investing revenue your expectations, setting but I growth sales. was you've kept in operating guidance previous

it more the sales extra Is it R&D? Now is incremental money incremental interested that you've the spending for you. support added sales, I'd very be launches? Or to know Thank you're what on?

Lars Fruergaard Jørgensen

Thank you, Matthew.

cover Rybelsus also do intact. I on looks And keeping revenue cover that. we how think can one that Karsten but okay, questions that the are can you Karsten the guidance two and script, see So prescription per you

bottom ratio line. You line and top can the say between

Karsten Munk Knudsen

for these thanks Matthew, Yes. questions.

first now are in Rybelsus the out the run what launch to saw to prescript in middle all, of very programs. here quarter. reporting we're the value for basically of as at the co-pay first the US there some initial them second of We changes of So, the quarter. limited We're tail-end

And have only a down GLP-X much there. competitive Then scripts. co-pay program per competition oral a the like we the vis-à-vis Rybelsus have $XX that's So value to vis-à-vis from we pretty pricing prescripts. change

pretty So nothing QX. from new much

that consider terms and I in course, In that's would of investments with simple rather we buckets. something the outlook sales carefully put then, of increased it

GLP-X we of area required both development in on our we investments all, focus between the obesity the global continue build scale. global but on Then a own. of is with Rybelsus clearly portfolio franchise a have a in our to first This Ozempic that So, on to market basis. invest a US, and secondly is also our market

development market capabilities of large. both So lot building at working going also into investments internal a on lot but clearly a

portfolio increasing I've sales over say, R&D the R&D Thirdly, is you thereby to numbers markets the on we gradually before, what would then been finally, ratio have those that and patient exactly that in markets. clearly our growth and our pipeline invest time in based Martin increase I portfolio And opportunities whole see commenting a our R&D strategy emerging on also as to specific and was talking in pipeline. to. diversifying And we

Lars Fruergaard Jørgensen

Karsten. you, you, Thank Thank Matthew.

of Next please? questions set

Operator

Bernstein. our from question go And from Please is ahead. next Kapadia Wimal

Wimal Kapadia

my taking Great. Thanks much question. Bernstein. for Wimal so I'm Kapadia from

know price, of Novo's I management to to of Rybelsus. duration have have just seems volumes and given not shorter Rybelsus but a same preference higher and as first wanted a cycle between the So Rybelsus. level Ozempic, IP Ozempic in does life net just what's on that terms

volumes just given but to want lower. I beating And seems ask expectations, to coming little a second be then just curious be seems about market Rybelsus -- Ozempic US, the in in look So flat broader the to bit my question for last over of And see growth years AOMs. at the market in five absolute broader US. in the obesity the actually -- the if we I volumes

can do the on you Thanks. that forward? to XX-XX just volumes to slide from play just actually volume you in but of market drive market just the will expect to curious majority you appreciate out that here? think initial market? And your growth? they products think from curious I'm generic how do come I what moving So outlined volumes over like about how growth that the Do Wegovy extent you're thinking you

Lars Fruergaard Jørgensen

you, Thank Wimal.

obesity growth growth. preference Ozempic can can to in bit terms in if we whether Doug talk for we in what And other Camilla, versus of talk see one a first you or of a have the terms market U.S. driving to Rybelsus the then So

Camilla Sylvest

Lars. Thank Yes. you,

So expand into it all the been along our approval since Rybelsus OAD has to And PIONEER the is had of OAD. from strategy we we Rybelsus efficacious program, the that most market. saw the the

present. our strategies historically segment use we the the segment and to being in OAD in GLP-X plans and expand being So been injectable have are where the of never

that's strategy we So we've are on. that that the and been following executing basically

Lars Fruergaard Jørgensen

I very clear. Camilla. That's think good you seen success. Thank some And we've

US? the obesity your the about expectations So market Doug in can what you to growth say

Doug Langa

the Thanks. question. Appreciate

additionally coming we I that that to did the the Wegovy So see of in importantly, is of patients. what within back say my the coming we from would second category. growth and XX% I Saxenda that adding quarter, importantly said in naive saw opening as comment And and over then

that is the to continue growth. and So add to its the class Wegovy expectation will

Lars Fruergaard Jørgensen

to even Thanks see in there's when that on the obesity market getting uptick are IO, the market not very very, Doug. Wegovy we close obviously to we there. And IO. nice compare we And in can a

even the think back is obesity back very for in during is coming XX% many that may the need have that strong that stronger So I obesity a and could an sign market even and it people sign larger IO a developed it's you say growth lockdown because be medicines.

market Wimal. quite of the growth we're future the of And bold So confident obesity set globally. on Thank and please? you questions next

Operator

next our from ahead. go Cowen. from And question is Please Steve Scala

Steve Scala

Thank much. Wegovy. so Two on you

it, the you. secondly, you the curious who so physicians if physician expectations quicker or have then use? have saturation? former or more the prescribed And Thank per insurers more prescriptions might suggest have First, conditions expected? versus Wegovy bigger any prescribed mandated than seeing on commercial So are stopping suggest might latter far discontinuation a opportunity, your among Wegovy physicians

Lars Fruergaard Jørgensen

Steve. Thank you

questions Wegovy. two So on

this So are whether Wegovy say plans test campaign. the commercial in the rest join can and to first to or how universe prescriber terms one of any there then conditions

that So please? talk Doug can you to

Doug Langa

Yes. Thanks question. Steve for the

more. both prescribing So as of as depth is for and critically us number what's so important and prescribers breadth the well prescribers those

And both weeks at that than We're with launch. those. a the tell. pleased less What days prescriptions been work into say, five, is early have of hard month. we're six I'd we've X,XXX seen we So to in at it's

took that four years that compare to Saxenda approximately achieve that. you to If

it's that both. combination of a think I So

but right the now, As Wegovy, important your not the very the question patients as We with far success seeing think are overall a like in treated we have critically components standard this we're traditional we're hard of payer to community working as payer but the Saxenda product. same only listed for on brand. that's

So the work. are receptivity again PBMs. hard And that's of we're early there where good at indications

Lars Fruergaard Jørgensen

Thank Steve. you you Doug. Thank

of please. Next set questions

Operator

question go next Peter Verdult Citi. ahead. our from And from is Please

Peter Verdult

you. Citi. Verdult, Thank Peter

two Just and a my Doug for then clarification questions. quick

dose on a start supply to when very you Just do expect clarification. resolve? to Just quickly the quick of Wegovy Doug very situation the

the from whether just for guidance Can Just And schedule? us but XXXX? And give recent SOUL, can in I year give you. event the say behind can Thank or insight key XXXX insulins comment trials ballpark realize of plans VBP any studies, and meeting for you line, quick China are or give much update potential what SELECT, to not any can't ahead this for these two outcome you questions payers? Karsten. in FLOW, uplift rates in was on quantification -- maybe on the some you then with just just light pass running too for scope coming the in intel Martin the us about live of breadth anything about and just a they're government industry VBP

Lars Fruergaard Jørgensen

I'll Doug's because with responsibility. issue not Pete. the deal under you thank supply that's So really

I have we So planned for. seen what strong we to very uptake have it's very, And we think a of stronger clear Wegovy. than it's admit had

obviously phase manufacturing. in when you're launch a So you ramp-up for

So we rest how these sure say possible. processes now. we're right that we we as up hard fast that working assured But make very And can to you as manufacturing well. have know standard are some manufacturing to bottlenecks can handle that ramp

in baked there can eventually it's it had could who to China, consultation to key treatment. say And that I it's just the On bit guidance treatment a you track. So VBP on can sure we meeting talk that know supply was into there but on continue to get a how our in recently Karsten, done needs the of what mentioned Doug is course to as start on those make do be been if around a take happen most caveat back probably to impact where it that authorities be which be VBP will participated. we you If And with less an bit now of China will believe on likely, believe the not is we going before to manufacturers XXXX. year. an easy Based this likely that done. it, implemented would insulin it's place put concern

a So, already for and that think life-saving not a insulin, in least not this to do that the is small like volumes. is VBP thing the medicine commented is in the an those to biologic want do space. if trivial I volumes of before molecule you and I've quality experience a secure to And both market

if now think we this for it And it's for happens it So, year. unlikely year. could be next

have So, we into Karsten you have given. how to we guidance talk baked can that the

Karsten Munk Knudsen

Yes, absolutely, for Pete. and question thanks that

within in based as our status market terms narrow floor. discussed just the acceleration VBP have the breadth lifting our overall range our and well explained us for performance part So, was around enabling growth behind oral both to line the of in we range that of of key performance the what driver and Wegovy on top Biopharma guidance course, us of obesity But obesity and the strong the of Lars the lift in the was first care what just GLP-X half. as the

Lars Fruergaard Jorgensen

Thanks think this the Martin Karsten. questions the trials. And status I on actually two since was very on shortly outcome

Martin Holst Lange

all thanks on Things trials time. of three going We well. much recruitment secure Pete. very are Yes, managed to

we little see were COVID-XX bit in retention ahead SELECT And and fact all right a In trials. good FLOW time. is of really of now despite what

right to being really the when still what patients trials. trial. we but see just that event now can't very of in initiating to XX% anticipated We is what speak we saying maybe rate the than more So, close

Lars Fruergaard Jorgensen

to for questions And next questions. on of Good to two is hear well Martin. on please. track. you, that the Thank Pete Thank you set

Operator

Martin Danske Please go Parkhøi Our ahead. next question from Bank. is from

Martin Parkhøi

Parkhøi questions. all Martin on Wegovy two the Danske Bank. Yes. Actually also

there weeks. tapped side on we actually because not have count you -- supply this the contract driven new continue. but the stuff see like we course or that enormous magnitude I which is make about And because script we on mean about strong out. like a now? new upside to that you patients this will the that saw that that new we that that. this stalled the many the brand can make long-term it's because say nice that Are been on And you sure start of is start already actually be patients our to also to know a have that five to over you Karsten like you a drug? quite by media new had that Does should patients can and prioritize guess has what Or demand of a how Can actually lot to last -- it Lars to can sure maybe talk actually also drugs for the whoever can right then you script of maybe wonder not in that not about draft risk the they're ago Just dynamics? patients the Doug the growth the supplier this think should the we seeing have years died not and scripts patients secondly

that So, patients how many board? you're not -- risks getting the are on right actually there

Lars Fruergaard Jorgensen

Thank you, Martin. I'll start on the supply.

of dose initially constantly. So, were seen manufacturing here to dose. But start low the running course we that have of is out we

than what product doing a that So, manufacturing that. patients. launch you we new yes, it's always have up new common But as quite uptake and are we when significantly initial we launch ramping And you not start higher seen is you had -- can we're the planned it's for.

start to cannot it's full we will But we not new the the the of cover demand. eventually rest for So year. be that able patients

don't worry about So need that. to

you is Doug days, intelligence that. right field? can You're early of Obviously, to a the what the but There's of excitement patients talk what lot in? And type get around, from Wegovy. we your its

Doug Langa

Thanks Lars for you the and Martin. Thank question.

they've they world help. drug XXX million me waiting the we lot there's and the we million start first Let And have in been think about -- in the need XXX saying, for a with like of in this. by a unmet maybe patients need U.S. patients -- a ways, when a an

see the a Saxenda, BMI when or the So, Comorbidity. with with at look there's we XX patients certainly less a data early would patient days, are XX of and say, significant XX pool. aged we it's patient typically I that with between level

now significant is So I a potential. the need. the is time right unmet think And to there unlock

Martin Parkhøi

And who the weight indoors, they main are loss primary Are prescribers? centers?

Doug Langa

Yeah.

on physician, care see the in say what we in see and and primary comparatively going and PAs again, we and -- anticipate what that, space less the prescript writers that's that this is we see Saxenda based specialty about the based is we've nurse MPs. now. to in So as It's this we're But interim to for what what going right of anticipate medicine seen really is Saxenda as the we're diabetes. be on, bulk would practitioners, seeing -- PCP

Martin Parkhøi

Okay. Thank you.

Lars Jørgensen

problem And you, obesity. Wegovy Thank that time, being a a real from significant that's you, is is I Martin. Thank solution demand this. for been that, exciting sign clearly to And to the the understood. is the And well times. there the received think all Doug. market talking first It's we've think there's I

encouraged we're we very with see. So what

please. questions set of Next

Operator

Please Our ahead. is next go from SEB. Madsen from Carsten question

Carsten Madsen

what market? in a a period do launch. jump in Thank trajectory U.S. where share the bit you your changed? of your little high-dose marketing and also little market, was share that's And had And you for gains. timing very a particular secondly you to we market here Ozempic -- much. once very your your it significantly I you of what's the on seems a U.S. driving me sort QX GLP-X in gain expectations of you you happen maybe saw market NovoLog? on interchangeable segment. will with product has go-to-market have just think hits that then, you quarter -- Ozempic What the into came strategy force? Have after the or put terms for bit very, message the strong it because pressure of changed will What in And Lilly of version in Trulicity anything -- the diabetes

Lars Jørgensen

clearly Thank dynamics, I GLP-X And performance. on very, you, a question very first the U.S. strong Carsten. think

for anything? through? of have And about been But anything Doug, is about NovoLog, overview you any you or don't Ozempic. it that? whether can I about very Or excited then I change think just, all share interchangeability know have along the pull tactics in we timing secondly,

Doug Langa

just And in the and Thanks them Carsten started in sales by say then May. we back mid-February field for fully phase is question. if you got our the I what in reps would remember to

has a a excellent reentering market. So suggest is of It's there the component efficacy. semaglutide also that, highly I well-known into us become was itself recognized. would Ozempic molecule.

the in of them you numbers HbAXc back If less XX% reaching than think program, of of the SUSTAIN seven. to patients

is great our category. which in it's necessarily We're both, communicated and be think And haven't successful the changed with we strategy. sema's still effective is deploying Rybelsus So to synergy we've that Ozempic a product. and I what

Carsten Madsen

Okay.

Lars Jørgensen

market the on be our Carsten. terms might an point going PBMs to And from that But not It in degree manufacturer's interchangeability we of benefit the thank you of second of a is interchangeable way already And we us. a do of think that to fully not the works market the see patients. that that -- buy might view fully the a be nature. on you, is in largely perspective market contracting Thank question is Doug. in U.S., from large like the I seen a the that interchangeable

questions set please. our take we of next So

Operator

And is question our Novod Please go from ahead. next Nordea Markets. Michael from

Michael Novod

questions Two a well. Thanks as lot.

NovoSeven perhaps So first. on

half up should how if forward? stabilize growth you're It been US. have And going it. you the foresee the of we you look completely able in year sort seems first around to XX% at So

don't just with we what it And in in Japan, really you sales. still quarter-over-quarter on? due this? are HEMLIBRA? what IO, this market lockdowns for of Rybelsus that Rybelsus the that drivers erosion in going to Or aforementioned going forward? IO? should is through secondly of traction dynamics then the So get expect you that the wish And from Is we where are a in to Or sort share you decline see

Lars Fruergaard Jørgensen

indeed a Yes in competitive rather very you, strong Thank is arena. Ozempic Michael. performance Yes.

Karsten? you we growth on. think But a have Operations, then can talk there? touch pandemic upon yes, bit can I how in International And lot where you activity to – Camilla, a Karsten, Rybelsus' going seen we see of performance So first

Karsten Munk Knudsen

couple say it. NovoSeven fully growth competitive a I has concur, the years, for I'd the Michael a number of under to with been after pressures. aspects Yes we where X% are satisfied significantly of brand first in very the there half were

it And the is we quarter significant of stochastic the as So some did to top on. increased and the events having of demand a activity systems somewhat NovoSeven so that increased know first in requiring and positively that one NovoSeven all opening then on And the society bleeding number lead for of course care could the sales. linked of health second in bleeds see treatments. data firm and surgeries then you impacting in levels US US could up, episodes on without to the speculate nature with

not we it launch of large on fully a of the emerging through impact to through we in set commercial the have to developed markets. the but yet more then extent are are markets some to the that As competition brand

Lars Fruergaard Jørgensen

Rybelsus' Thank IO? you, in Karsten. on Camilla And performance

Camilla Sylvest

Yes.

impact the number the reach performance as we look of in increasing on COVID-XX it Rybelsus of actively our And countries key of the course is IO, the physicians countries source in and to course what to of scripts continuing in also Japan. of well. expand world rest depth share And EU XX force by continuing does So especially to number we're of ability that country light are prescribing We've and as see launch the as number of and business but continues per the to in the in impacted market being sales emergencies. that and the of Japan been impacts multiple has customers. biggest course also launched also potential of in our US, nevertheless, call prescriber states countries of And with parameters, the prescribers we the such uptakes encouraging. underlying and good and

Lars Fruergaard Jørgensen

you Camilla you, thank and Thank Michael.

of set Next please. questions,

Operator

Our Bank next America. question Go ahead. from Sachin from Jain of is

Sachin Jain

Jain, America. Bank of Sachin I'm

on to able I'm numbers extent you're and trying scripts on Just Wegovy, just into a get two try please. the excitement to.

itself? again mentioned if sales of within fair that converted potentially that paid year scripts it obesity drug have biggest So mid-term fair is billion Wegovy is next the sales year? eight DKKX that the to are sort guide could matched weeks. billion Wegovy you this firstly, sales of to raise then DKKX.X for assume is of of you to implying that And the that And is doubling factors it your Saxenda you've listed various Doug element single to secondly, into by XXXX aspiration think

Lars Fruergaard Jørgensen

Thank you, Sachin.

of going limited about we of yet. the us are But amount XXXX brands? seeing guidance books individual what tell so far. sales recovery we Karsten, speculations are you So we what into as have into without in about but going not can on

Karsten Munk Knudsen

of then before, operating covering the year. the was of International the is key growth I in market that benefiting combination Saxenda and us is both for and Wegovy at the Operations. large care obesity as Sachin, overall Yes drivers full US our guidance one for the in And

Wegovy is one of So part it, segment. but only

So care the is two acceleration main chunks business. of the upgrade our obesity GLP-X and of

Lars Fruergaard Jørgensen

Karsten. Thank you,

the questions. of we So take set final

Operator

from Fernandez is from Seamus Please And our go ahead. next Securities. question Guggenheim

Seamus Fernandez

Thanks right. All for the Great. questions.

of couple a So questions.

and current uptake access. market on the up trial SELECT obesity opening the and of First

commented in be generally trial the hoping important. the past Just you've critically SELECT that would

week the real I think to important as opening this market. obesity characterized one up investor it of earlier a biblically

don't had I a importance And we've questions Just acceleration opportunity, then of on you're how the of trial? SELECT there. of combination to to the wondering trial think feeling strong launch early the launch SELECT given Wegovy program relative many the AMXXX of successful incremental and your

combination patients Just little of how product? to provide obesity a drive do hoping you and a obesity? NASH switch opportunity optimized could Is that. plus a preferred that Or it to for context bit quickly diabetes of pace really of potentially? you And want would market view there you the as

Lars Fruergaard Jørgensen

a Martin is by you SELECT we see So can the it the how on question. start importance second giving of thank shot you. If and I then cover

to we patients getting And obesity spoken physicians to importance importance signs based in here, we the the the spoken are -- see to payers see see payers can what based see that prescribe, to Doug do national have So the block. mobilized. and living on opportunity, initial We when prescribe mobilizing physicians with do removed we that obesity getting are have you the reimburse. of about willing have of of mentioned importance terms having we that on we patients two of

also We pay a that there's to for willingness see it.

the I it's profile the And I is activities build done exciting resonating think off very we're product a on have Martin to So AMXXX? and quite we of think start. it that's encouraging. seems -- market well I and the like think

Martin Holst Lange

semaglutide approximately initiate Yes. semaglutide next shared loss, in has to showing we that the of excited cagrilintide between combined to be matter XX% the an Phase us and in X intend already of we've and briefly with cagrilintide made the with we profile And and semaglutide a that with XX safety that Very can but of that weeks. see Obviously data monotherapy. trends is comparable weight to very year. combination

about combination maybe that's more the think early I and question on. the positioning product was to towards of too speculate the semaglutide,

Lars Fruergaard Jørgensen

since -- we Thank good are final one you, let's question. take a on Martin. roll And

Operator

And our Sachs. next from is go question from Parekh Goldman Keyur Please ahead.

Keyur Parekh

Hi. for questions I may in. Thank if fitting you me please. Two

First one, Wegovy US, more think Doug Saxenda ex launch about in than my launch of was the the Saxenda the is successful as for US. we memory the correct US actually ex if launch kind

question oblique to of a enthusiasm were launch Wegovy about Karsten, one. we launch expect that a the you in to reference That's US? And think US, transaction. event an the might buyback sizable kind stock made then risk to question different? pursue that similar number number the why to a you two, reason is be ex the Or we should As there ex Wegovy

You're cash clearly your guidance. raising flow free

a sheet done have You meaningful. but capacity your couple is balance of still transactions,

kind should that wondering anticipating the that over months? rethink next So the to your I'm few size is course you. of you something be -- of we stock what is transaction And buyback? might need just of Thank if the

Lars Fruergaard Jørgensen

Thank you Keyur.

have turn approval year. get European Wegovy ex on we US, by plans the of So to

bit a us how like. to early on it's look So speculating start it for might

individuals paying who are a the pocket similar also in clearly the demand a I US, whereas in in like that And hitting only of of out-of-pocket there now it robust they outside meaningful it's US, today, IO, at dynamic the we out typically for paid, are pricing, now, reimburse. it's And that to US. Wegovy where that, seems is reimbursement. very loss becomes it I payers weight the can position see of profile, a project profile a quite for when think, it's

on based price profile of the prospects set. the have we encouraging again, So point the product and

raised in in a good deals. the You allocation point, context of capital terms of

bit a obviously in talk have an You you attractive X% financing which can coupon debt at that? Karsten, is Novo to introduced a Nordisk rate. So

that? can what you tell So, about

Karsten Munk Knudsen

Yes. you, you, Yes. Thank Keyur. Lars. Thank

the finance coupon that company. listed at ago, year. this years And at PE XX XX. to how Exchange on are interesting now, was York it's Stock around all, we issuing a of zero New bonds the actually first So It at a we

terms pieces capital to allocations. have of wind three So, we toolbox our back, in just core to basically

our we buyback; we to then on So we have have sheet, leverage. share then have we cash have the balance adjustments and our debt

Of use. $XXX saw did. impacting financed Corvidia able our we through and we to we share million. the buyback additional that the and that's or upfront cash on acquisition course at billion financial in reserves And Hemisphere bond transaction just from but you core finance or just raising sheet our debt, mainly three of tools whereas $X.X issuance last actually did balance without the linked reality, is kind of last that That to there us with year baseline are means, the is an we what year that

are our now attractive record capital But thereby an So, also, continuing XX we years. share track very to to provide our for continuing buyback dividends continuing focused our and on shareholders on return program. increasing

exact on it so course, the depends how of and deal of deal. on finance between magnitude So, the and we means it three the

Lars Fruergaard Jørgensen

about Keyur. We Thank our as were rescheduling we'll possible. the to results as excited wanted close you And With the earnings half in share you, you you, that for with insights this your call. Thank and year Karsten. call. fast again, flexibility thank

great a wherever for you, a lot very thanks and day So and in, evening Thank much. a great you are. dialing have

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