Novo Nordisk A/S (NVO) 3 Nov 212021 Q3 Earnings call transcript

Company Profile

Participants

Lars Fruergaard Jorgensen	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
Wimal Kapadia	Bernstein
Peter Verdult	Citigroup
Simon Baker	Redburn
Michael Leuchten	UBS
Emmanuel Papadakis	Deutsche Bank
Steve Scala	Cowen
Martin Parkhøi	Danske Bank
Jo Walton	Crédit Suisse
Kerry Holford	Berenberg
Sachin Jain	Bank of America
Richard Vosser	JPMorgan

Call transcript

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Operator

Welcome to the Q3 2021 Novo Nordisk A/S earnings conference call.

During the call, all participants will be in a listen-only mode, and afterwards, there will be a question-and-answer session. Today I'm pleased to present Lars Fruergaard Jorgensen, CEO. Please go ahead with your meeting.

Lars Fruergaard Jorgensen

Thank you very much. Nordisk of our the XXXX Novo first for year. this months nine and to call earnings regarding the Welcome outlook for and This the Friday early the week. raised results last call on guidance announcement published follows high-level of Novo I'm CEO Nordisk. Lars the Fruergaard Jorgensen, of Vice North today and Chief Vice Financial and Lange. President Head President Vice and Munk Executive Officer, Executive finally, I have me Camilla Commercial Sylvest; Strategy Karsten Development, America and of President of Langa; Martin and With Operations, Executive of Doug Knudsen; Head Head Corporate Affairs, Holst be All for presenters will available the Q&A session. the for our and release earnings available made call on Today's novonordisk.com. slides this are website Please webcasted available live note be being website. made is on will this that and Novo a call recording Nordisk The scheduled call is hour. to one last for slide. next the to turn Please outlined structured X. Slide is presentation The as on growth all be Please sales will exchange unless profit operating and otherwise statements rates that specified. constant at note XX will session in begin Q&A The about minutes. Please turn X. to Slide

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

aspiration Nordisk I an adolescents the Type like successfully energy. of of young other XXX,XXX three given included Climate reaching in assets With and in Peru, internal countries, people the share to and Please slide and few the for XXXX, on first for in XX program. in countries. settings renewable at of programs are nine today. received has Novo children, Within Indonesia, Phase months we including Company on four the Within transition by the strategic for come risk progressed XXXX Phase XXX% Therapeutics is factors, diabetes demonstrated XX,XXX all purpose Martin announcement to includes COVID-XX, serious of total obesity to low-resource within turn now nine late-stage dimensions care our Novo was support briefly slide. a our low- children acquired living This The areas. have program Today, R&D. programs. around will accelerating New next would In in into Ziltivekimab our chronic have For reach Changing of we sustainability, further XXXX. the back I integrate diseases, will to and The see clinical But work middle-income information and additional in development for please to presentation. to our Circular the the highlight countries my the XXXX late-stage the clinical with the initiation this like the our perspectives. we III program. award within ongoing award within strategy, initiation that Zero free to from to months ability uncertainties providing two Children of the the Corvidia all X therapy key of prepared would we It global our first Nordisk City. now milestones has and expanded our trials York Week Diabetes aspirations. excited III Pakistan in

on high on have we and expectations strategic Camilla details Doug obesity Obesity three obesity. demand living has significantly and Wegovy U.S. with For commercial elaborate later. progressed execution, areas other provide underscore our The exceeded care. on aspirations, initial specifically therapeutic and for for the will people need further all our for unmet

update give XX% Camilla operating the months are exclusion. rates. Karsten, an sales word first for financials pleased growth With XX% Lastly, on both XXXX, in constant nine of that, the to of leaving in profit measured growth to with exchange the commercial to we and I'll

Camilla Sylvest

growth was increased sales increased GLP-X by X%, grew America Slide payer the by driven driven X.X Slide driven Currently CLP-X with operations increased a months months operating by growing international sales the operations in market. gains of to market In XX% XX% sales Saxenda Thank operating care share increase increase of by in by North Saxenda to to points in international growing XXXX, sales by first increased with the North and XX% This the improved launched The leader diabetes GLP-X operations turn in by XXXX, and both increased hence growing to X. areas. geographies by first of the countries both aspiration X% by XXXX. units. by all nine first Rybelsus America countries. grew North in North nine market remains XX%. mix market And rebate with been we percentage overall international growth Obesity XX% XX%. In turn sales sales our faster of has reaching XX% have XX%. line Nordisk turn Lars. total driven X/X the X. by of market America by uptake XX%, of growing Please Slide in operations, market driven diabetes insulin by In XX% operations, Please driven also operations X% XX months growth the XX%, prices. X% X%, one and XX GLP-X units nine an both X.X therapy the realized a U.S. GLP-X and and grew sales to X. sales X%. XX.X%. Ozempic care Novo in and you, Wegovy. reflects And Biopharm Obesity by share our grew growing gains In Obesity care international operations Please operations, value by by nine in products operations was Biopharm by This to X%, in driven by XXXX. in XX.X%. strategic in The North This diabetes offset latter of international X% ago. slide. X% Esperoct is please North operations overall of an sales XXXX, of increase XX.X%, XX% blood declined of well as partially international share first points sales and turn XX%. in decline operations. increased America operations percentage reflecting is and our America U.S., driven driven sales by driven growth and international months channel Insulin next NovoEight. growth growing geographies by operations well as as Refixia, in sales operations. America by our by our volume sales decline grew driven launch of grew than of sales disorders the and and XX%. share compared overall. The in Rare as NovoSeven and sales across And by by growth sales share enhancements. In sales care international and X%, year international X%

Specifically rare by by products by and operations endocrine by sales unchanged Hemophilia sales America to Hemophilia an A X%, sales now by increasing grew over decreasing X%. update were The flat. reflect Doug XX% for and care. offset Obesity [XX%], XX%. B And disorder NovoSeven by international GLP-X on operation North U.S.

Doug Langa

of injectable Nordisk volume Camilla. Rybelsus. QX Please of The share driven driven around QX U.S. leadership GLP-X XXXX market new-to-brand XX%, market of by you, as is and Ozempic once next Novo growth XXXX, GLP-Xs XX.X%, the to Rybelsus. is weekly slide. by comparing turn continued Thank well uptake now as to

now Furthermore, And you nine force of total Novo Rybelsus look in increase, the class more Nordisk within prescription accounted leader at prescriber Rybelsus breadth, remains leader HCP And if Since XX% market the XX% the the indicators continues leading from as market remains to the nine such of encouraging. above scripts, share next second months prescriptions per in out was back measured growth largest and Novo NBRx Please contributor GLP-Xs. has the trajectory injectable the field. U.S. Ozempic Nordisk And outside for sales steadily market the in for XXXX. of the first U.S., awareness, sourcing the remain first growth turn than the months GLP-X to specifically, slide. total our fully In Additionally, share. week. the to on with Rybelsus' been mid-May, XX,XXX XXXX.

Importantly, most and AXC OAD the potential. -- market in forget the weight. the and on Rybelsus measured pioneer as the Don't program its product efficacious we that within on demonstrated the as are confident long-term that itself

one value market OAD Now U.S., has launched XX with been countries modern Japan in now being market where X.X% outside key Rybelsus of share. the a reached has Rybelsus

in and underlining operations While slide. growth COVID-XX be third track, it on to sales should Globally with until to operations. lockdown September, patients sales noted XX% increased which American still next parameters of in was it are and the alike reach in Please XX% go forces North for that difficult a XX% end international has care Obesity made the doctors. Japan

supply our a in the exceeded mentioned Wegovy This earlier, U.S. chain need and obesity. expectations, of put may has patients delay prescriptions the significantly with for XXXX. under Lars experience temporarily has launch the throughout pressure filled high-met As people getting underlining

continue to XX% the And than national supply Market are expect has XXXX, Wegovy have from prescribers access anti-obesity script and launch prescriptions of meet unblocked to increase reaching to encouraging. launch. class. branded is week. new national Wegovy expanding course has already the per demand three We XX,XXX scripts in anti-obesity XX Wegovy Saxenda progressed surpassed able weeks demand. gradual of from medication early to payers since patients around in now More market. initial depending their after be formulary. continues The feedback levels, upon Thereby and weekly be Wegovy

been Japan. We now from access Wegovy Outside XX% has we XX% in compared around for end. for And submitted before the commercial expect are year's Wegovy is share to regulatory a authorities for review Saxenda. decision excited around EU formulary that U.S., to

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

Martin Holst Lange

addressing our first in [indiscernible]. total. approximately OASIS need, all in Thank in unmet OASIS investigate enroll to an planned global three initiated safety daily XXX X,XXX you, patients and the once In X semaglutide trials program, oral of the milligrams with in line Obesity will with obesity, and Doug. which strengthen treatment has to the strategy trial overweight efficacy XX-week options XX identified COVID Phase we together people have IIIa with The

in efficacy Phase similar to other and cardiovascular profile III residual This safety A we that as with The which to inflammation. September availability have XX serious an step chronic safety standard ASCVD. Wegovy. well lone remains to inflammation is acquired as directed we patients despite X,XXX Ziltivekimab, XXXX. expectation specifically cardiovascular many in efficacy residual be to address to important called we brief, of IL-X, trial, the diseases, disease Corvidia and the systemic and the from outcome in Atherosclerotic establish initiated we within ZUES expected -- antibody XX monoclonal Ziltivekimab of disease. assess Our significant ASCVD disease, around subcutaneous against kidney Within In an is the that with kidney event-driven will Cardiovascular a established in taking is or achieve chronic back Therefore presence are an within of is trial asset chronic patients need complete CVD Ziltivekimab will treatments. which a trial milligram ASCVD, in named XXXX. and Disease with of the in unmet aimed

As clinical programs our within to, we we Lars quarter, these previously two turn programs discussed slide. third of Please ongoing and Phase now all alluded the of initiation next areas. the IIIa with as have the therapy in to also III Phase

high-level multiple we as trial cardiovascular Within goal, NASH saying that initiated this is Within actively currently of people research chronic completed exploring trial insulin principle cirrhosis. milestones, We're trial, Semaglutide NNXXXX. completed appeared our called we have diabetes, the the and Now Ziltivekimab. Phase goes areas. in of to requires have discussed the safe are QX, serious efficacy asset in, these 'XX. proof we acid. with insulin pharmacokinetic glucose-sensitive that diseases, with of the R&D short-term the II the well-tolerated X.X quarter of It a we this demonstrated optimize I further just properties III outcome and trial glucose-sensitive in properties. investigating glucose-sensitive an area and a turning Phase without we and NASH to through milligram in FX Within start evaluating of safety In Phase other profile, of third for with we a development

an assets. treatment the and therapy previously Semaglutide effect FX very profile. combination will of part be in developed the While that and III in only. for relevant discussed trials fibrosis, initiated Semaglutide our safe that with FX. have primary and designation. appears Semaglutide potentially this a breakthrough demonstrated level it patients A And of trial did in patients these It's as combination combination in an previously fibrosis Semaglutide of population. significant in we and two well-tolerated is this the Gilead not have internal collaboration to demonstrate appeared under clinically with of NASH for NASH results, endpoint this reductions consequence interesting cirrhosis being One, in effect, have be FX. further as FX important decided To of QX, to effective investigated to Phase been currently with one and to within as in mentioned FDA in and monotherapy a mention, manage

of Phase X.X ongoing and on the Phase Ozempic Semaglutide well from combined in from turn year results as opinion somapacitan we the in Within trial Biopharm, as from EU the of the MimX. results Towards in obesity expect with we children, X.X for the milligram milligram diabetes. expect III program I/II an cohorts

we previously about Phase In results Phase while the diabetes, for in expect still Icodec I/II and development first for fast talked ambitious Phase This will full well resource the initiate and with baseline Biopharm. as for aligns of MimX. half as innovative for in results the clinical 'XX well have we with the MimX trial. full in that III program from As awaiting Concizumab the for at-risk, program MimX in planned, as we insulin QX IIIa the as

expect in you, to initiation to the see of Phase With over CagriSema III that, for the also We program Karsten. Obesity.

Karsten Munk Knudsen

in exchange low exchange The financial and X% months the is The to These to hedging favorable of currency percentage by This X% of of impacted lower it XXXX. first rebates in Please XX% of currencies DKKX.X a DKKXX.X by X% on first a of the in realized declined items. sales in Therapeutics loss in aspiration and you, The nine of related Further, in points, around Technologies the GLP-X negative to in decline the XX.X% The of flow per and turn in third priority impact acquisition billion driven lower nine from reflects XXXX. DKKXX.X profit positive rates. increased voucher of productivity diluted timing to krone to in impact rates, product by to with operating the at Martin. amortization XX% gross by U.S. cash rates. to constant sales XXXX. related margin intangible U.S. of XXXX. exchange the prices acquisition improvements, countered assets working net Slide XXXX billion by Emisphere X.X share are on strategic by by the related and line grew changes the a In positively mix, compared in by capital. profit, for in billion The at XX. XX% nine net Operating within U.S. the impact XXXX. higher by Free Rybelsus at the activities launch key Corvidia NASH. U.S. by to krone investments rates. the increased impact increased notably pipeline constant under Danish and including by XX% Wegovy driven XX% well constant operational impacted distribution Thank Danish gains and at as of billion in exchange XXXX, as the was increased profit and X% development exchange increase diversification, DKKXX.XX. investments diseases progression of and XX. positively reflects amortization primarily the by quarter Obesity most by in driving XX% is at XXXX. review constant and increase XX% dollar. in driven for of promotional by efficiencies. in spend Danish the increased our increase Research to investments by increased cardiovascular in COVID costs a DKKX gains The launch by costs expansion compared development The partly of to profit months for and currency the negative was spend Danish in Sales XX% around market Net by in krone Ozempic priorities, U.S. rates. in due in intangible costs and offset and compares and krone impacted and Administration first krone Danish is Wegovy. the and It is increased activities hedge months XX% earnings constant strategic pipeline of and

slide, market based and between Next exchange be expect Biopharm. diabetes the both North now and for competition is reflects of to at growth all and mainly sales seen also It and gains, raised outlook updated on both year care the growth reflects the rates. share the XX% higher-than-expected XXXX in operations. constant continued GLP-X growth please. America We guidance market international XX% within in in intensifying sales The expectations performance Ozempic months nine and first care operations U.S. Obesity The reflects sales,

pressure drivers. the includes additional care, launch and and of in profit sales being expected early development current continued and expected both and rollout is in future the outlook pipeline Finally, diabetes impact late-stage to now investments sales are Ozempic grow the continued within U.S. Rybelsus, and between especially Operating activities. negatively R&D pricing XX% Furthermore, Wegovy developments. to is market resources reflecting growth growth of continued associated activities. and allocated to This the XX%,

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

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

reflects €XX net between profit cash expectations of higher billion the the concludes cash billion generation expected Based favorable and and increased by free timing billion. flow DKKXX has be in for for rebates expectations, Directors and increased XXXX That the U.S. billion outlook from and program This approved DKKXX U.S. billion. has repurchase on impact Lastly, capital the the now in a flow Board to sales lower DKKX expenditure. share expansion of an to 'XX, by 'XX. of DKKX

Lars, you, to back Now final remarks. for

Lars Fruergaard Jorgensen

turn final Thank slide. you, to the Please Karsten.

in The well questions, raise our an outlook other perspective, Phase that, we're We that In pipeline. Obesity two to our areas. particular, are of III of accelerated operations where now serious growth all for we growth the the diabetes very limit Sales geographical portfolio or within us within America financial clinical the Obesity participants has set for the strong R&D pleased operations first the ready From all with all highlights growth performance year. take I chronic by full of of and growth the by one North driven areas Q&A XXXX diseases by Operator, of or care. therapy to months maximum XXXX. expand as GLP-X first was to international first for an himself driven program questions. continue to sales the now enabled to please. two sales kindly treatments nine was in and nine our and months the With late-stage ready initiations we're her ask as

Operator

Our Kapadia Instructions] [Operator Wimal Bernstein. question is from first of

Wimal Kapadia

Bernstein. Kapadia Wimal from

a 'XX can ask first implications guidance into 'XX. and little the about just So heading I more bit

growth over suggests of XX%. the for the the sales So end 'XX top of XQ potential range sales

growth supply next the to outside of be resolved. that in can constraints leave that are And sales it are the dynamics which stronger tied growth why heading 'XX. just then reasons the should not befit other XXX there level the And discuss annualizes, for VBP, of So be get that Wegovy this underlying and any given first that, will what level I'll you year there. growth And into potentially of implications us could the quarter? to possibly

Lars Fruergaard Jorgensen

not Karsten, for And lending while of can year blocks talk a Wimal. to this to bit you at yet, you, 'XX growth and look how year? the for building some Thank guiding for next

Karsten Munk Knudsen

Wimal for questions. of Yes. Thank you, Absolutely. that set

nine sales the needle as growth looking And delivered move one then at quarter first, in saw hard mathematically to the So to with months. first XXXX, we of it's XX% course only you go.

run yourself third in rate think starting I the as GLP-X as and look should quarter, delivered benefiting a the as the then you So the in well anchor from XX% at Obesity we point, acceleration performance. the

business. midpoint to the the guidance to The more business for we've the volatility as think is broader-than-normal point I range the choose slightly why volatility we over is So our with go the seen starting few being well our reason around linked past of a in guidance around basically Obesity XX.X%. as years 'XX, also range the

that's line strategic company, look compared at basically moving of Novo the you guidance in the be when from potentially range. we XXXX. for point Then growth starting as large. point So of strategy. Nordisk reason And rate terms pursuing into clearly would view, to Then midpoint to a the are the for we outpacing a the double are industry a range. But of at the growth the close the up industry growth-focused top

growth of So exceptional a company. Everything terms top us in is clearly an priority for pretty as for XXXX much well. a gone us has growth year was rates.

to year a very driven at Obesity really growth And our XXXX as on. highly our into do continue by to pursue we as well business level, franchise. GLP-X successful a So attractive start

takes, specific in In I a terms of couple and puts of aspects. would though terms caution of you

on situation China. we in are getting a tender to closer the conclusion First currently procurement of volume-based all,

to We expect a in with shortly. one constituting our China of significant bidding receive XXXX yet have piece. sales to tune have not on tender then to situation, negative but received we of we the do And them the in sales, expect group impact documents, X% this insulin group final as

X.X% that entities. benefit. covered Secondly, of quarters, we benefit less we've change just are to that getting U.S. you as distribution the no benefit. X% basically 'XX do It's this but than prior And a sales XXXB group sales, then we're is changes of getting U.S. there U.S. and XXXB reminding in There under is said we quarter, X% the even sales. I'm of distribution policy a in did program we we from restricted what market, where are the in to

we're that from U.S., in would So get XXXX. in finally, QX, in diabetes in with you as U.S. benefiting market an also heard, seen GLP-X at do to of GLP-X GLP-X expect getting acceleration acceleration the in down XX% a in and when tune segment. outside weekly the acceleration growth some to growth benefit volume XXXX. the what the the then slow that also of the is in we market we That the into more And market back we've but in and we growth not now more base, trends, normalized level whole looking that get the to

So needless adjust factors. to for you we growth do attractive to shareholders. have our those for But push to continue say, for

Lars Fruergaard Jorgensen

Strong of for begin growth for the a to couple factors short term.

Operator

next is question Peter Citigroup. Our from Verdult of

Peter Verdult

of Citi. Verdult questions. Peter Two

the Firstly, update Doug, or on Camilla just access. reimbursement and comments appreciate

IP willing give change. before U.S. they've expires. the realizing Novo, be big win going would pragmatic still we secondly, you're the for Should looks And and the sure just clarification. about comes prescriptions, given XX% are effectively wanted to that Novo assistance programs. to whether thinking thinking XX% comments the Karsten, is one and pricing then announced right But drug That the it when mandatory the hole Lars I price subject in to but as overnight any for of that the away like are semaglutide reimbursed Wegovy donut -- that's versus enacted amendments a forward. -- removed. way of more to it part and for on Just discount things be long-term cuts make are

be not for of you'll those speculate. nothing ask to think me set remiss don't developments. on thoughts I realize going But I in realize is you So not initial stone. some you're to

Lars Fruergaard Jorgensen

say, Thanks, then cover Peter, the Doug and for Wegovy, in those initially reform of the drug I'll book the price on, questions. U.S. afterward. business on

Doug Langa

the for Peter, question. Thanks, Yes.

we're with happy looking progress commercial overall access So to overall, And XX% coverage, covered. for made. the the XX% we're speaking, XX% not broadly progress Wegovy. formulary been And has with at XX%,

Lars Fruergaard Jorgensen

care to you difficult about health the it's Peter, bit it, yourself alluded And reform. Good. speculate a to U.S. that

the noting couple weeks think has forth over I rhetoric and Just been a back. going past of

text because impact said out-of-pocket we assessing of anything the of like we the say, a though, final lot patient's struggling. before to the on start with ends system the we Having complexity have, that us. So help strongly up the would situation patients that welcome

couple a -- of play pain in that programs know, you to of some and cost take back we a to there years was As some also away, put that. affordability

So for it's going I our to out good system see help the good text the the for on be anything need but also business. that and pretty But patients to better can smoothen before patient, comment we is final obviously that. think we

when hopefully now, there's quarter more we talk that. a on So from clarity

Operator

from Our Simon of Redburn. next question is Baker

Simon Baker

if X, please. may, I

Biopharma, the expecting. little look was than weaker a consensus quarter on Firstly, did

give hemophilia. in any allude to were that slightly the into would forward going And implications the 'XX did You expecting? exposure highlight the wonder just wonder maybe CapEx I then outlook secondly, on color just if were different impacting Chinese and that for to there tenders timing destocking on other beyond? for I to guidance if any could what factors CapEx market any Capex. you us given I see you you the just of tender Biopharma, 'XX. and were trimmed you any

Lars Fruergaard Jorgensen

Simon. you, Thank

to Karsten. two questions So you,

what saw year. we on we have in then that? And the performance Firstly, a than to lower quarter, also the CapEx Biopharm the of beginning before. bit third on compared not seen the what Any in perspectives lower

Karsten Munk Knudsen

Yes. Thank the to a remind is just you, our set more Simon, of starting And in Biopharma, business I'd that for with Biopharm business volatile that of the rest out businesses you diabetes. questions. like than

kind dangerous Biopharm. is awe-interpreting on the So on of quarters

say, timing on at though, did in we're changes to bit the our shipment you very, satisfied I'd international quarter. impacting a that we very X%, growing some hormone basis, a in you of growth And side estimates franchise. operations with. have did rebate the U.S., biopharm which adjustments some on hemophilia some have more looking the little So minor in actually be we impacted year-to-date To the quarter give should flavor on

of we're kind with. would informative measure performance, very which more the be again, our year-to-date So satisfied

programs. to burn our adjustment As ongoing is execution CapEx, substantive phasing basically It's fine-tuning. around That's CapEx of it's to -- it. nothing on cash the linked of a slight the our

no there purely, Nothing exact programs. are in cash you delays So that. would timing than flow. our on It's say, more or anything

Lars Fruergaard Jorgensen

momentum less CapEx, probably on Thank And now, strong we need to compared you, clear to we to money capacity the money sure Karsten. that on are it's a have more And CapEx really it's really, to right growth. spend that. we make going with support obviously we see because

Operator

Our Leuchten Michael UBS. from of next question is

Michael Leuchten

the One, of It's has OpEx fourth Karsten, growth investment Michael from year the please. implied is could? guidance, as have the pretty have line quarter, that if you about the is top And rate what sort progressed, OpEx as XXXX, Doug. And certainly, up phasing In walked the going? business does implications to as the in back think question UBS. fourth as run a quarter for has you a going Leuchten improved punchy. into And Two outlook the questions, incremental that to as we the seem where just well.

I is driving point you if is the Rybelsus to Looking is that's volume the the program what here, longer-term product pull really co-pay the value volume? the it torch, would rolling it in presume of sort the interesting time, at carry timing of looks meant the the of is that if case, why that's Rybelsus, the of up. value at stepped indeed If this like that's card co-pay off.

Operator

hold. please gentlemen, technical and [Technical Ladies some difficulties. We're experiencing Difficulty]

Operator

for thank and gentlemen, you Ladies your patience.

have reconnected. We now

Michael Our from Leuchten of question UBS. was

Lars Fruergaard Jorgensen

went So not sure Michael, technology when down. I'm the

answer? hear hear you you did Karsten's did answer? And So Doug's

Michael Leuchten

that. cut sorry, entirely off before No, it

Lars Fruergaard Jorgensen

Okay.

again. try let's So

first So fourth question growth was guidance OpEx on the quarter. in for

launch can will So then And cetera. how we Karsten, at et and talk secondly, to also talk to that. Doug look you co-pays, we how see Rybelsus if

Karsten Munk Knudsen

technical of set Yes, for absolutely. that Thanks, questions Michael, apologies for glitch. and

we're bolts you same fourth continue we just R&D, and quarter, our it's into when nuts allocation. at to for clinical course the So on now applying resource is XX,XXX principle OpEx invest of basically And we where the patients the annualized trials. main are look the in exceeding

activities in as So investments in you diabetes in invest global R&D, well so to in we and continued development, in Obesity. expanding XXXX into course expect commercial continuing go launch market as of also. as increasing our as our in [R&D], should in we all-time business And development GLP-X well growing investments high are with which

know principles see course, from rolling we've your same of technically shouldn't the next terms But run dissimilar the it principles thus as I fourth rate on based you forecast, in I year. And So this into the same of seen it's quarter. know, don't into we're far too rate applies. And next that year. one year. you as do quarter into then, run

aggressive So more expansion diversified and a in investments and pipeline growth R&D. in commercial broader into

Lars Fruergaard Jorgensen

Karsten. U.S. on you, the in performance Thank Rybelsus' Doug,

Doug Langa

that Again, through experienced Overall, to Rybelsus market. we in with can't that mentioned, Well, launch overall. is it thank Rybelsus that we this question. consider back the since some forget very we lockdowns field for it most want the COVID-XX still the year based of consider again I into as again, a earlier, on Are mid-May. we last where We be? in the successful Michael, I as for still launch. itself program the pioneer what said efficacious demonstrated do despite year, And we've you successful force a OAD

Other whether over doing driver we a what such still second still we're brand And this, the of aspect of growth it awareness, brand a in again, But of business leading things leading XX% indicators over as as depth, XX,XXX the very significant over we're seeing be outside -- come Company, out of category. with So other writers, the we delivered Rybelsus And GLP-X number overall, breadth per week. the if maybe on growth. importantly, can preference, of XX,XXX. you and us the have it's biggest we XX% category like which XXX% of GLP-X at prescriptions we're indicators was again, more of growth bullish the lot help for the growth look the the do. encouraged said have U.S., we long-term

still So all do can we're the very on indicators these bullish are that long what we haul. over

Operator

Our next Bank. question is Emmanuel Papadakis from Deutsche from

Emmanuel Papadakis

that the a end are just QX? what just to through could When could the come have the it's I likely QX? front you've that on if is on Maybe in on rolled that sounds you there And I a the kind access. be supply is then the like say, evolving of launch there. do normalized guess, situation? of expecting fully question expect deteriorated, copay once you be out anything, subsidized as the stage products How XX-XX, Wegovy, we'll QX support commercial you at off, is And by back that more impact

a are time into utilization evolve to the that, of to talked bit any expect similar first disclosed Saxenda? you us well? Can levels they the significant You do you within XX%. to little about seeing 'XX management you Are And those as differences? how

Lars Fruergaard Jorgensen

Emmanuel. Thank you,

the to try me Wegovy. address Let

bridging proxy a physicians to patients into make physicians in to get commercial it. profile helped get because been prescribe and And to for priorities had fact the us indeed really that prescribe attention have how we a that shouldn't payer. deep And payers of from So Wegovy future medicine lot you reimburse to the and mobilize this and short-term seek attracted care, Wegovy. do our tactics patients clinical program the to antiobesity get we to has get to has of mobilize too strategic the that have

we So we now then start mix. do it. in as the promotional have launch in you And you say, U.S., progresses After supporting PBMs instance, months, DTC for the different beginning. cannot you can can considering can, six which big gradually a the do three

gain patient need So bridging program use experience. the you copay to a or there to

in quite are and in it's about market short-term on we see, the patients can that. at It's everything this of going. promotional getting really we are look brand succeeding its covered and us. book we how doing we whether from for matter commercial or this doesn't patients, So mix And business, three agile

Doug, more access So a perspectives few the works. how on commercial

Doug Langa

Yes.

It And very utilization to you to step-through. just So Saxenda. management no to question very had. importantly, is specific the similar Emmanuel, there's answer,

earlier, we nice this I So nicely. mentioned access, there, The also component then again, formulary standard any doing I a get formulary job specifics and is that's progressing overall have still really can't team considered again, products. important. listed product, that's but XX% And terms nicely. not opting a employers. Remember, progressing with that's is overall, the as of in

some work working them another have we of sign. also weight have hard. very That's we as sign. So in which to partnerships a do three Lars all good management programs, on mentioned, And there. But major with several is board. have team really is PBMs we the good And

I think overall, progress So being is made.

Operator

is Our Cowen. of Steve from Scala next question

Steve Scala

meet You does in more? demand noted this And Xx XXx that more, So on What closer XXXX. XXx of expected or you expect little early imply of U.S. supply supply? for then demand level the full based population your to more to Wegovy's instance, it version, secondly, today? what percent can percent And to what of a have but already that at XXXX? similar coverage of that asked, been might Wegovy the access beginning question ones different is be

Lars Fruergaard Jorgensen

So thank Steve. you,

based we course, how unfortunately, own we match And in in be initially of we're But we demand. to forecast a we So that able how that flow market, the we the can understand share surprised position to model have been not believe have our demand. that. here. of that we But on patients

in of do So on medicine. not will we in population comfortable Doug, you than U.S. that terms but need feel which the the we of reach. of the in real know patients antiobesity what we do the question can much more within terms second is percentage demand And of be, help

Doug Langa

the And whether we that note have other and still working take in we to at should hard, company a clear. significant it's to question, some out have policy look much again, aim commercial seniors up any change change Treat living standard some access anti-obesity In it's portion products, Medicare list Today, other and again, of we to, of hope to mean we think the for at XX a because just the certainly you so that to and is people patients around XX and so with we We're Reduce the Yes. through get where end, -- policy that important like Steve. a coverage, or point, really that million our U.S. more million medications. as don't Obesity takes products. to the Act obesity access that population. think Thanks have I that's open access. if are,

higher, million XX to to our So some around million going that's much But aim to take people work. is XX and today, today. get

Lars Fruergaard Jorgensen

[indiscernible]. and Doug, you, Thank

Operator

Our question Lundberg] [Karsten next from SEB. is of

Unidentified Analyst

product OASIS The I this in III need here one in then so in get some appetite [indiscernible] in One I this? not you share the Sema know Martin, U.S. the you you to on you sign this European have it's program approved questions trial only a you the something But I of the could patients, guess. for three terms on with combined. and this that American in patients total. North Alzheimer's, trial the of one actually in this trial. feedback of of long since Is get program patients, one have couple Obesity, leverage Japanese North a ago China American maybe had with else trials patients? you top enrolled Phase Or Alzheimer's community? can And initiated for in to have to

Lars Fruergaard Jorgensen

needed, number trial cetera. Thank you, Martin, et OASIS to Karsten. first on Over of design, you, trials

Martin Holst Lange

absolutely. Yes,

have And as and a in that already requirements. of data in have need regulatory indicates satisfy now on it's agreed also lot obviously we we're mentioned, which OASIS, SLIM subcutaneous to based bridge So X,XXX program, that oral the can with have on the on on also both we fairly a and bridge which you we patients with a we total, different regulatory are Semaglutide. oral that that to we the doses, position also on good on data authorities

On it's the early Alzheimer's still trial, days.

the are itself As of number can but months. we of in probably period a you imagine, is and great three screening patients, screening

this expect are would above. to sites we level and and bit where the be running them or at little time, what in see So recruiting we is that opening to point that up a actually screening the

Operator

Danske is from Martin Bank. question of Parkhøi next Our

Martin Parkhøi

two Martin of questions. Bank, also Parkhøi Danske

now various into But only -- haircut And seeing how then pricing. a going China Or that for market? Lars, be that example, a insulin, your expect Doug. you're a the will you XX% it you that for I Do with you tender China. you state potentially question, long-acting onetime continue significant First news right, for second medias this journey to comfortable quoted insulin think, about this then big effect, this could risk be in you were a that after to on that effect with can will be Tresiba growth do a in be isn't controlled franchise price on feel in cut China? onetime

U.S. Wegovy -- on Just again, on [indiscernible] and in

some you onto it patients, a free, XX% the these course, bridge are that on You know will of category. I these that hopefully But but you're even called say into drug for period many fit also though should in? actually making card don't have get their able are coverage how get of to call But because also six-month when it, coverage. XX% are you they the it's bridge

Lars Fruergaard Jorgensen

know the for on down you, look me you start at But in are not two if the I'm categories. the don't what because that China Thank let obviously I those drugs will charge happen of And drug that. to sure China whole a China. And intention for of [VPP], number And to Martin, bring in pricing about to international level. there of was questions. the

price keen authorities very then feel think China bringing authorities in don't to I if a of turns pricing attractive are creating market to regulatory attempt course, it level. revenue, into a a I for environment, hostile the interest innovation. there's right cetera. rational accelerated the the So in get by And that et And China, to it's innovation

we So at again, comfortable that. And about for Doug, least now Wegovy. feel once on

Doug Langa

Martin, the for Thanks, question.

designed can see or had initiations again, awareness, for of So people early of physicians results. program initiation use. the is the And coverage. intent -- for bridge bridge was us, build these get of We to to screened programs that any can be

Now not demand, perfect the we've our on of launched. a programs successful again, that probably most Based was it's one system. it

it would would don't we know you the it. coverage. exactly to again, they but come and many off have when would don't off specificity then they was, exact the But start have program have coming of coverage So intent -- I that them, how have -- --

Operator

from of Our next question is Jo Suisse. Crédit Walton

Jo Walton

which some is presumably law could Wegovy of of lack the just for fact use with Or that GLP Ozempic, in will products confidence go when just you're If your questions. we that back I disappear a market growth why year. I've in to off Is it it your the numbers? seeing -- that in. next large comes particularly is. wonder will extra XX% year of perhaps the obesity next got two ease

bit So be little double I we on we that people how not secondly, And are to we're staying be us don't long wonder need if about days. sure counting. a could tell Ozempic to need these you --

poor, data six to is that the able there? is some rate make been still or have pretty on progress than patients. think so that I all months GLPs less the we you stay the many of Have for

Lars Fruergaard Jorgensen

to difficult protect Obviously the first. Karsten Joe. GLP-X you, Thank future growth. marked

right So talk higher can level than that past? Camilla you put comments Ozempic. can seeing to on on more we are we a now a then color bit the And stay have your time seen in

Karsten Munk Knudsen

say, Thanks, it's in would on so step course The Jo, or on I fairly you a June of up, the NBRx the the we we basis, look Yes. saw weekly step in trend at After up, similar that before GLP-X notably step number to NBRx absolute was Ozempic. segment, has if been what most for of a when question. market market that significant data, actually up. saw And take the forward-looking scripts actual it forward why statement. you a pulled reason I U.S.

So as don't a third a the like more well. see rate into and quarter up, growth step we fourth the but quarter continued normalized during

Lars Fruergaard Jorgensen

stay time? Karsten. Thank Camilla, you,

Camilla Sylvest

Yes.

stay people good just are this people We around, is, is clinical have do significant and from that our Ozempic. months of on control get time, know roughly that we we So in XX% that on latest XX the stay trials. in actually we can quite have -- stay do from more than we speaking, data a a time, time general, to close think

think covers So I that that.

Lars Fruergaard Jorgensen

on depending I of questions. think set of two, the Perhaps, last in we length on are the the homing answers.

Operator

is from of Kerry question Berenberg. next Our Holford

Kerry Holford

Yes, [X please]. me, for

the effectively see you're to negotiations data, outcomes how granted. Wegovy. and any would to [indiscernible] III pricing out that also have confidence what quarter? to just Phase understand further covered of the whether in you XX% access obesity you forward the debate Firstly, [indiscernible] [indiscernible] to 'XX? back And I/II. on And I start for opt-in can giving the of ahead do Wegovy What's just going Have that that readout you then you expand essentially of be of finding interested this Phase quickly much MimX. your proportion of employer move think lead back see end

Lars Fruergaard Jorgensen

Thank you, Kerry.

as on, it, in. how perspective are a the first, opting employers I in commercial many Doug, sector understood So

Doug Langa

Yes.

So disclose that have is today. we our would we say, where that. continue a, work. But don't to generally And coverage to we into employers of have aim large a I do opted number speaking, have

hard that's out affordability, the day again, overall the important building working frankly, regional as an a access to every And have well quite and an account long We as over component employer team. haul. it's team there

Lars Fruergaard Jorgensen

the a data very and I question to if on et cetera. And should just outcome assessments, answer quick the health technology give

today there's payers the can see Wegovy that value that So in what we with actually product. deliver, see

intact don't see I need we [COT] where for data to a on be loss, MimX. So the think to yes. we for have situation weight case And Martin, my

Martin Holst Lange

Yes.

fairly things, our it So go years. as dose ambitious including little requires four you we matter trial know, initiating development of from some program, a in drug III ongoing earlier And We the of tried submission Phase I/II also a continuously readout bit that preliminary and that assumption, we've designed of That obviously Phase a we to basically first human to the basically read the where in means in the That space. calls. study. do in some risk. safety about efficacy at out know cohorts do we different have that monitor the requires

us seen our to Phase are III, which from going far into nothing that So we've continuing plan. discourage why pursue we is would

Lars Fruergaard Jorgensen

take set questions, one final of we'll please. And

Operator

Jain from will be Sachin question America. final of Our Bank of

Sachin Jain

couple of questions, a please. clarification Just

question, volumes, XX% sequential go As back to Michael's sequentially. first I prescription to U.S. XX% Rybelsus, versus grew sales the growth [indiscernible] in it

to do forward next said market. for clarify, growth launch competitor secondly, to Just have historically off? would you've come of expect as a in on grow programs Noting which going GLP-X the the scripts you a [indiscernible] And co-pay follow-up outlook you sales ahead year. accelerate

accelerates competitor? how the new you think share market? that we normalized growth product clarify given about for to loss of that just a that a is So think growth do GLP-X XX Or launch, market

Lars Fruergaard Jorgensen

can to what color Karsten, put both then can script on on And say, questions, some Rybelsus? value try market per Sachin. give GLP-X you on more both, you, outlook. Thank you

Karsten Munk Knudsen

Yes.

So set thank you, questions. Sachin, of for that

U.S. Rybelsus and all, of and in scripts delta on between realized First ARP. and the ex-factory the

then earlier a U.S., and have showed uptake I to in think in we very, curve as the TRx the point very we actually key the was talking that. stable is, slide, Doug

meaningful are the individual movements et the to the by cetera. So stability -- quarters then more at curve. And think look Rybelsus basically it impacted minor measure on year either be of I is last or TRx could this year, inventory

away say, a and look year-to-date and more think look looking numbers, the Rybelsus. I would I that's way reflective that our of So at at TRx peel trending at

expand help side it don't GLP-X year, market know is market. would been historically the the [indiscernible]. [indiscernible] seen on growth, what seen then, a market next yes, of you that the in course strategy, to we've but and that to it markets. we've launch beneficial on launch As mid But is also can GLP-X I that strategy presumably is has the expansion our their what

Lars Fruergaard Jorgensen

of final, Let's sneak in set absolute or question final one questions.

Operator

final from be will Our question JPMorgan. Vosser of Richard

Richard Vosser

picture one. do for just in big obesity franchise I'll looking And the bit fourth quarter. a just more at it's

franchise? supply, and the the we think can strong you Wegovy see 'XX in just relative already script ex-U.S., continued given improving doubling Do given So how your U.S. what we thoughts probably you quarter double there. in development the of as the fourth of about that see think could Saxenda should growth to franchise [indiscernible]

Lars Fruergaard Jorgensen

Richard. you, Thank

is course, raise better same of very a guiding uptake can Obesity. very, I position go I its would which of up you U.S. out and [indiscernible] not of good factor So obesity clearly COVID-XX. growth the point because Obesity on acknowledge accelerating anyone, is the see as see It's in the strong moving on a in unfortunately least where the for on a Saxenda health U.S., of is anticipated. into based we And that if of international a say, not systems very the -- see we have the coming cannibalization catch degree in of a nice strong not outside established pandemic Saxenda, But U.S. is so medicine, than reimbursed number you with in being that markets U.S., we holding risk actually having living that operations. it's need care anti-obesity we to where see

payers mentioned, three So mobilizing encouraged also the are prescribe, medicine. the to mobilizing care increasingly acknowledge need we I to very patients to in physicians and priorities of seek antiobesity having terms for

we holds least are. And growth. to we what So will time, with feel you But the it that. well can clarify XXXX. now, think that is I double for future at it aspirations And do due in comfortable our by we for

thank So free in forward feel all Relations, with concludes that, our your to to reach questions, to you for Thank if and call. you very much. have This our participation. you earnings more looking And future. soon meet Bye-bye. Investor sometime the you out

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