A：The main topics covered in the Q3 2025 Novo Nordis earnings conference call include a presentation by the CEO on strategic aspirations, an update on sales and growth, a narrowing of guidance range for sales and operating profit, a focus on core areas of diabetes and obesity, and a discussion on the company's strategy and initiatives in these areas. There is also a mention of the discontinuation of non-core assets and the transformation program to simplify the operating model and reallocate resources.

A：The updated guidance range provided during the call is narrowed to Ed to Ed on sales and Ed to Ed for operating profit.

A：The current strategic focus of Novo Nordis is on diabetes and obesity, with a commitment to identify and solve major unmet medical needs in these areas. The company aims to develop products that help affected individuals live healthier lives, combining internal development with partnerships and acquisitions. They intend to concentrate on areas where they can make the greatest difference.

A：The company has made changes to its focus by sharpening its concentration on core areas of diabetes and obesity, discontinuing several non-core assets, and reallocating resources to areas aligned with the company's strengths. Additionally, a company-wide transformation has been initiated to simplify the operating model, accelerate decision-making, and reallocate capital and resources towards high growth opportunities in diabetes and obesity.

A：The expected outcome of the company's transformation program is to simplify the operating model, accelerate decision-making, reallocate capital and resources towards high growth opportunities, and generate savings to be reinvested in the diabetes and obesity franchises and strategic priorities. This is expected to drive approximately Ed billion DKK in annual savings by the end of the next year and improve operational efficiency.

A：In the first nine months of 2025, the company's total sales increased by 15%, with both operating units contributing to growth. US operations grew by 15%, while international operations grew by 16%. GLT 1 sales in diabetes increased by 13%, and insulin sales increased by 3%. Viscer care sales increased by 41%, driven by strong performance in US operations. Red disease sales also increased by 13% due to growth in both the US and international operations.

A：Novo Nordis remains the market leader in the diabetes and obesity GLP-1 market internationally with a volume market share of 68%. Ozempic is the leading GLP-1 diabetes product within international operations, available in around 60 countries. Novo Nordis is now working on expanding access to its products in various regions.

A：Recent developments in US operations include a 14% increase in sales of GLP-1 diabetes care products and a 20% increase in Wegovy sales. Ozempic saw a weekly prescription growth, and Wegovy's sales were driven by increased volumes. Novo Nordis has established a sales force targeting US hepatologists and gastroenterologists for Wegovy and is investing in direct to patient initiatives. The company has also announced the launch of Novocaine Pharmacy and continues to work on expanding access to Wegovy.

A：The acquisition of Met SRA is expected to further strengthen Novo Nordisk's research and development portfolio in diabetes and obesity, providing a broad and deep portfolio with different treatment options and formats to cater to various patient groups' needs. It includes potential best-in-class treatments and innovative assets in the pipeline that complement Novo Nordisk's core strengths in research.

A：The proposed deal structure includes an upfront payment of $6.7 billion in cash per share in exchange for nonvoting preferred stock. Additionally, up to $10 billion in contingent value rights (CVRs) will be issued upon the closing of the acquisition in exchange for the remaining shares.

A：The F 4 population represents a significant unmet need in the field of fibrosis for which no approved therapies are currently available. The potential of a treatment like fluxy fermin, which is being developed for this population, is to be first to market and best in class, complementing Novo Nordisk's strategic position in their pipeline and addressing the needs of patients who are not responsive to existing treatments.

A：The phase II data for a fluxim fermin, a potential first to market and best in class treatment for obesity, were encouraging. Specifically, the symmetry phase IB trial showed that after one week of treatment, 40% of patients improved by at least one fibrosis stage without fibrosis worsening and 20% achieved mesh resolution with fibrosis.

A：The new drug candidate, a once weekly subcutaneous fGF21 analog, is in the Phase 3 Synchrony program with pivotal readouts expected in the coming years, aiming for a launch by the end of this decade. It has the potential to be first in class for Fj Fj 21 analogs targeting the A4 population and to play a role in treating true and free patients. Future milestones include beginning a global phase 3 program for the rare blood disease acquired from Emergent.

A：The acquisition of the clinical-stage MFE inhibitor, which is in phase 2 for a rare blood disorder, aligns with Novo Nordisk's strategy to focus on rare blood disorders. The molecule has potential in various additional indications within rare diseases and kidney disorders and is in line with the company's comprehensive approach to these conditions.

A：The new internal pipeline candidate, caquinte, focusing on weight loss, showed an impressive 11.8% weight loss at 12 weeks in the trial, with well-tolerated side effects. First phase Ii data are encouraging and further studies with higher doses are anticipated to start in the first half of 2026. Notably, the full results of the reimagined one pivotal trial for caqui insight will be presented later this year.

A：Novo Nordisk is looking forward to several key R&D milestones, including the readout of the reimagined free pivotal trial for Caco Sema in type 2 diabetes, the Phase Ii results of the shock tens and oral amere in type Ii diabetes, and the initiation of additional studies evaluating higher doses of covalent site in the first half of 2026.

A：The expected FDA decision regarding the new drug application for the Go Pi is by the end of the year. Other significant developments in 2026 include regulatory approval in the US and EU for a once monthly, once every two weeks, and once weekly prophylaxis to prevent or reduce bleeding episodes in people with hemophilia A without inhibitors, and the anticipated results of the book trials in patients with early Alzheimer's disease.

A：In the first quarter of 2025, sales grew by 12% in Danish krona and 8% at constant exchange rates, driven by both operating units. The gross margin decreased to 81.0% from 84.6% in the previous year, primarily due to one-off restructuring costs and impairments related to production assets. Net profit and diluted earnings per share increased, and free cash flow was 63.9 billion Danish kroner compared to 71.8 billion in the first quarter of 2024.

A：The updated sales growth outlook for 2025 is 8% to 11% at constant exchange rates, which is lower than previous expectations due to the current exchange rate against the Danish krone. Sales growth in international operations is expected to be around 4 percentage points lower than constant exchange rates. The outlook is based on current prescription trends for semaglutide and osexaparine, and intensifying competition and pricing pressure within diabetes and obesity.

A：The compound patent expiry of the semaglutide molecule in certain countries in international operations is expected to have an estimated negative low single-digit impact on global sales growth in 2026.

A：To address the loss of market share, strategic initiatives include focusing the company's strategy around diabetes and obesity due to a看到巨大的发展前景，扩大产品管线通过自家活动和并购，以及通过与Costco、Walmart、GoodRx和Live MD Row等公司合作来扩大市场。

A：The company's capital allocation framework involves investing in the business for an attractive return, maintaining a consistent dividend payout, funding pipeline additions through acquisitions, and finally, if there is excess cash, sharing it back with the shareholders through share buybacks.

A：The company views clinical differentiation between the assets being looked at for acquisition and its own assets as primarily complementary, enhancing the company's ability to serve a full range of patients suffering from obesity and their comorbidities. The assets are seen as differentiated and complementary to the company's product portfolio.

A：The company confirmed that it has been contacted by the FTC for information relating to Meme, but they chose not to provide any further details on the process at this stage, mentioning that they will conduct comprehensive due diligence to ensure compliance with laws and regulations.

A：The company is awaiting the outcomes regarding broader coverage of people with obesity under Medicare and the potential impacts of the next steps on IRA, as mentioned in a press release. They are not providing specific comments at this stage.

A：The company is under strict confidentiality with CMS and cannot speculate or comment on the potential impact or the actual prices that CMS will announce in the near future.

A：The reasons for Gilead's outperformance in the obesity market compared to Lilly could be attributed to commercial execution across the country or possibly due to prioritization of products. The market dynamics are such that while Gilead has performed well in some markets, they have faced challenges in others, particularly due to competitive disadvantages such as not having launched previous versions of obesity drugs in China and facing online sales restrictions for their competitor's drug. Gilead's performance in markets like the UK, where their share of growth has surpassed competitors', indicates that market conditions are dynamic and change over time.

A：The company has received a Complete Response Letter (CRL) for the flex touch and are assessing other devices including vials that they plan to bring to market for more optionality, especially as they continue to grow in the cash channel. They are in active dialogue with the FDA regarding the flex touch but cannot specify a timeline at this point.

A：The company is incredibly excited as they move closer to the approval date for the oral obesity pill. They cannot comment on specific pricing but intend to make the drug available in all channels, including Medicaid, Medicare, commercial, and cash through various telehealth partnerships and their own pharmacies. They are focusing on competitiveness with respect to efficacy and tolerability and are looking forward to bringing this to people living with obesity in the US.

A：Novo does not typically provide guidance for the next year. However, they acknowledge that current momentum is a foundation for future business trends. They note specific factors such as loss of exclusivity, gross-to-net favorability this year which won't repeat, and the impact of new product launches and a pending acquisition that will affect next year's sales growth and operating profit growth.

A：The question raised whether Novo would cancel the CTG presentation if the results were unequivocally negative. The speaker referred to an upcoming event at the beginning of the next month where they aim to present data they have collected. However, they did not directly confirm whether they would cancel the presentation in the event of negative results.

A：The company sees complementarity and differentiation in the metform agents compared to its own pipeline based on data on efficacy, safety, scalability, and dosing frequency. However, they emphasize that they do not have the actual data in-house and would be required to issue a corporate announcement immediately if they did. They intend to disclose any data, whether good or bad, at a future event.

A：The company historically has been able to maintain different prices in different channels such as Medicaid, Medicare, and commercial, as well as through the increasingly expanding cash channel. However, they cannot speculate on future pricing dynamics.

A：The company recognizes the challenge of receiving obesity medication due to friction in the marketplace and continues to push for and invest in improved access. They are focusing on cash offerings and的合作关系， but have not seen a large uptake yet. They expect access to remain largely unchanged in 2026 due to budget constraints with payers potentially leading to coverage losses.

A：The obstacles to better penetration in the commercial channel for obesity treatments could be on either the demand side due to a lack of demand beyond a motivated minority, or on the access side, such as insurance companies making it difficult for patients to start or remain on therapy.

A：The company feels comfortable with the risk associated with the way they are structuring their offers because they believe in the quality of the assets and the data supporting their value. They have confidence in the data they have and have discussed the deal structure with external counsels and experts, ensuring it aligns with legal standards. They believe that even owning 50% of the shares would be valuable if the products perform as expected.

A：The company anticipates pressure from payers and continues to face challenges with price in GLP 1 and obesity treatment categories. However, they are focused on increasing access and reducing utilization management and prior authorization criteria to improve patients' experiences in obtaining their medicine. They expect to see some changes in Medicaid and not as much in the commercial channel. They do not expect a large difference in access within the commercial channel but recognize the need to invest in quality of access and continue to see potential in the commercial opportunity.

A：The U.S. is the priority market for the company's We Go VP launch, which will remain the focus through 2026. However, they are also preparing to open the option to launch in selected international markets (Io) depending on how things ramp up. They are transferring knowledge from the payor channels in the U.S. to the international markets and are very active in many markets worldwide, leveraging their experience on telehealth and oral markets to build a position with We Go VP. The priority remains on the U.S., but they are fully ready to take on selected markets in the IO region when the time comes.