Q2 2026 Novo Nordisk AS Earnings Call

Speaker #2: Good day, and thank you for standing by. Welcome to the Q2 2026 Novo Nordisk A/S Earnings Conference Call. At this time, all participants are in a listen-only mode.

Speaker #2: After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press *1 and 1 on your telephone.

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Speaker #2: I would now like to hand over to Michael Leuchten, Head of Investor Relations. Please go ahead.

Speaker #3: Thank you very much, operator. Welcome to this Novo Nordisk earnings call for the second quarter of 2026. My name is Michael Leuchten, and I'm the Head of Investor Relations at Novo Nordisk.

Michael Novod: Thank you very much, operator. Welcome to this Novo Nordisk earnings call for Q2 2026. My name is Michael Novod, and I am the Head of Investor Relations at Novo Nordisk. With me today, I have CEO of Novo Nordisk, Mike Duust, EVP US Operations, Jamey Millar, EVP International Operations, Emil Kongshøj Larsen, EVP Research and Development and Chief Scientific Officer, Martin Holst Lange, and Chief Financial Officer, Karsten Munk Knudsen. All speakers will be available for the Q&A session. Today's call is being webcast live and a recording will be made available on our website. The call is scheduled to last 1 hour. Next slide, please. The presentation is structured as outlined on slide two. Please note that all sales and operating profit growth statements will be at CER unless otherwise specified. Next slide, please.

Speaker #3: With me today I have the CEO of Novo Nordisk, Lars Jorgensen; EVP US Operations, Doug Langa; EVP International Operations, Maziar Doustdar; EVP Research and Development and Chief Scientific Officer, Martin Holst Lange; and Chief Financial Officer, Karsten Knudsen.

Speaker #3: All speakers will be available for the Q&A session. Today's call is being webcast live, and a recording will be made available on our website.

Speaker #3: The call is scheduled to last one hour. Next slide, please. The presentation is structured as outlined on slide 2. Please note that all sales and operating profit growth statements will be at CER unless otherwise specified.

Speaker #3: Next slide, please. As usual, we need to advise you that this call will contain forward-looking statements. These are subject to risks and uncertainties that could cause actual results to differ materially from expectations.

Michael Novod: As usual, we need to advise you that this call will contain forward-looking statements. These are subject to risk and uncertainty that could cause actual results to differ materially from expectations. For further information on the risk factors, please see the company announcement for Q2 2026 and the slides prepared for this presentation. With that, over to you, Mike, on update on our strategic milestones for Q2 2026.

Speaker #3: For further information on the risk factors, please see the company announcement for the second quarter of 2026 and the slides prepared for this presentation.

Speaker #3: With that, over to you, Mike, for an update on our strategic milestones for the second quarter of 2026.

Speaker #4: Thanks, Michael. Next slide, please. In the second quarter of this year, we have continued to deliver on our priorities to improve commercial competitiveness, progress our pipeline, and make focused investments while delivering returns.

Maziar Mike Doustdar: Thanks, Michael. Next slide, please. In Q2 of this year, we have continued to deliver on our priorities to improve commercial competitiveness, progress our pipeline, and make focused investments while delivering returns. Today, Novo Nordisk is serving more than 46 million people living with obesity and diabetes. We are treating almost 70% more people living with obesity compared to just a year ago, with nearly 5 million people on our obesity treatments. We've taken the successful US launch of Wegovy Pill to global markets. We now have around 1.5 million people on the Wegovy Pill worldwide. This is a testament to our increased efforts in manufacturing and across the entire value chain to bring innovation to people. Within research and development, we continue to advance our pipeline across therapy areas.

Speaker #4: Today, Novo Nordisk is serving more than 46 million people living with obesity and diabetes. We are treating almost 70% more people living with obesity compared to just a year ago.

Speaker #4: With nearly 5 million people on our obesity treatments, we've taken the successful U.S. launch of the Wegovy pill to global markets. We now have around 1.5 million people on the Wegovy pill worldwide.

Speaker #4: This is a testament to our increased efforts in manufacturing and across the entire value chain to bring innovation to people. Within Research and Development, we continue to advance our pipeline across therapy areas.

Speaker #4: We have received more than 10 regulatory approvals and started more than 5 clinical trials in the second quarter. We have also announced top-line results from ZEUS, the first three trials with Zyltivicumab in patients with ASCVD, chronic kidney disease, and inflammation.

Maziar Mike Doustdar: We have received more than 10 regulatory approvals and started more than five clinical trials in Q2. We have also announced top-line results from ZEUS, the first three trials with ziltivekimab in patients with ASCVD, chronic kidney disease, and inflammation. While the outcome was not what we had hoped for, this single event does not change our strategy. Novo Nordisk remains committed to helping patients with comorbidities related to obesity and diabetes, including cardiovascular disease. Martin will speak to this later. In Q2 2026, we continued to invest in growth opportunities to drive competitiveness and progress our pipeline. This includes more than DKK 26 billion invested into R&D and commercial activities. Lastly, we are happy to see that we have been able to raise our 2026 guidance once again. Carsten will elaborate on this later on during the call. Next slide, please.

Speaker #4: While the outcome was not what we had hoped for, this single event does not change our strategy. Novo Nordisk remains committed to helping patients with comorbidities related to obesity and diabetes, including cardiovascular disease.

Speaker #4: Martin will speak to this later. In the second quarter of 2026, we continue to invest in growth opportunities to drive competitiveness and progress our pipeline.

Speaker #4: This includes more than DKK 26 billion invested into R&D and commercial activities. And lastly, we're happy to see that we have been able to raise our 2026 guidance once again.

Speaker #4: Karsten will elaborate on this later during the call. Next slide, please. In the second quarter of 2026, adjusted sales grew 7%, driven by volume growth, partially offset by lower realized prices.

Maziar Mike Doustdar: In Q2 2026, adjusted sales grew 7%, driven by volume growth, partially offset by lower realized prices. US operations grew 4%, reflecting volume growth, primarily driven by GLP-1 in obesity. International operations grew 10%, mainly driven by region EUCAN. From a therapy point of view, obesity care sales increased by 16%, driven by volume growth across the Wegovy product portfolio in both US and IO, partially offset by lower realized prices. Our GLP-1 sales in diabetes increased by 2%, driven by US operations. GLP-1 diabetes sales in US benefited from a gross to net rebate adjustments related to prior periods. With that, over to you, Jamey.

Speaker #4: US operations grew 4%, reflecting volume growth primarily driven by GLP-1 in obesity. International operations grew 10%, mainly driven by a region, UCAN. From a therapy point of view, obesity care sales increased by 16%, driven by volume growth across the Wegovy product portfolio in both US and IO, partially offset by lower realized prices.

Speaker #4: Our GLP-1 sales in diabetes increased by 2%, driven by US operations. GLP-1 diabetes sales in the US benefited from growth due to net rebate adjustments related to prior periods.

Speaker #4: And with that, over to you, Jimmy.

Speaker #5: Thank you, Mike. Next slide, please. We continue to see encouraging use of the Wegovy pill six months into the US launch. The Wegovy pill is the strongest-ever GLP-1 launch by volume, and we have now reached over 5 million total prescriptions.

Jamey Millar: Thank you, Mike. Next slide, please. We continue to see encouraging use of the Wegovy Pill six months into the US launch. The Wegovy Pill is the strongest ever GLP-1 launch by volume, and we have now reached over 5 million total prescriptions. It took 12 weeks to reach the first 1 million TRXs, yet the latest 1 million TRXs were added in just four weeks. Weekly prescriptions as of 17 July were 267,000. The Wegovy Pill uptake is driven by its efficacy, favorable tolerability profile, and ease of use. Based on the latest data, and in the face of competition launched in early April, the Wegovy Pill has captured around 90% of the oral obesity medication market.

Speaker #5: It took 12 weeks to reach the first 1 million TRx, yet the latest 1 million TRx were added in just 4 weeks. Weekly prescriptions as of July 17 were 267,000.

Speaker #5: The Wegovy pill uptake is driven by its efficacy, favorable tolerability profile, and ease of use. Based on the latest data, and in the face of competition launched in early April, the Wegovy pill has captured around 90% of the oral obesity medication market.

Speaker #5: Furthermore, a recently published study showed that weight loss in the real world exceeded that seen in the OASIS 4 clinical trial at the same point in time, reinforcing the efficacy of the pill and patient usage in practice.

Jamey Millar: Furthermore, a recently published study showed that weight loss in the real world exceeded that seen in the OASIS 4 clinical trial at the same point in time, reinforcing the efficacy of the pill and patient usage in practice. The Wegovy Pill is expanding the market as we continue to see roughly 80% of patients being GLP-1 treatment naive. We also find people coming to Wegovy Pill from competitor products and limited cannibalization on injectable Wegovy, which is encouraging. On usage, we are seeing continued progress in titration dynamics, with higher dose prescriptions increasing steadily week over week. This suggests people are progressing through titration and continuing treatment, which is also supported by more than 20,000 people currently utilizing the Wegovy Pill subscription model for the two higher doses. Overall, trends remain in line with our expectations.

Speaker #5: The Wegovy pill is expanding the market as we continue to see roughly 80% of patients being GLP-1 treatment-naive. We also find people coming to the Wegovy pill from competitor products, and limited cannibalization of injectable Wegovy, which is encouraging.

Speaker #5: On usage, we are seeing continued progress in titration dynamics, with higher-dose prescriptions increasing steadily week over week. This suggests people are progressing through titration and continuing treatment, which is also supported by more than 20,000 people currently utilizing the Wegovy pill subscription model for the two higher doses. Overall, trends remain in line with our expectations.

Speaker #5: From an access perspective, quality of access for obesity GLP-1s remains poor and is a key focus area. While we see uptake for the pill and the reimbursed commercial channel, the majority of total prescriptions are self-pay.

Jamey Millar: From an access perspective, quality of access for obesity GLP-1s remains poor and is a key focus area. While we see uptake for the pill in the reimbursed commercial channel, the majority of total prescriptions are self-pay. We're excited about the expansion of access for obesity medication in the 65-plus age population, with the recently available Bridge program in Medicare Part D. While it is early days, we are encouraged by the strong participation in the program. Wegovy pill appears to be the oral option of choice, and we will continue to focus on educating and differentiating Wegovy injectable to capture higher market share. The branded obesity medication market continues to expand in Q2 2026, growing volumes at around 70% compared to Q2 2025.

Speaker #5: We're excited about the expansion of access for obesity medication in the 65-plus age population. With the recently available BRIDGE program and Medicare Part D, while it is early days, we are encouraged by the strong participation in the program.

Speaker #5: Wegovy pill appears to be the oral option of choice, and we will continue to focus on educating and differentiating Wegovy injectable to capture higher market share.

Speaker #5: The branded obesity medication market continues to expand in Q2 2026, growing volumes at around 70% compared to Q2 2025. The Wegovy franchise is playing a major role in this expansion, where the franchise continues to be the leader measured on NBRx, with a market share of around 60% during the month of July.

Jamey Millar: The Wegovy franchise is playing a major role in this expansion, where the franchise continues to be the leader measured on NBRX with a market share of around 60% during the month of July. With that, I will turn it over to Emil.

Speaker #5: And with that, I will turn it over to Emil.

Speaker #4: Thank you, Jimmy. Please turn to the next slide. In the second quarter of 2026, GLP-1 sales in International Operations grew by 13%, driven by volume growth and market expansion.

Emil Kongshøj Larsen: Thank you, Jamey. Please turn to the next slide. In Q2 2026, GLP-1 sales in International Operations grew by 13%, driven by volume growth and market expansion, with the highlight being obesity franchise growth of 37%. Novo Nordisk continues to be volume market leader outside the US with around 58% GLP-1 volume market share. While our market share has been declining over recent quarters, we see encouraging trends as our share of growth continues to stabilize. This indicates that we are gradually seeing the benefits of our efforts, including the step-up approval and launches of Wegovy 7.2 milligram and Ozempic 2.0 milligram. In the UK, Wegovy 7.2 milligram in a single-dose pen is now broadly available. Since the introduction of the step-up data earlier this year, we have seen a market share increase in the GLP-1 market.

Speaker #4: A highlight was the obesity franchise growth of 37%. Novo Nordisk continues to be the volume market leader outside the US, with around 58% GLP-1 volume market share.

Speaker #4: While our market share has been declining over recent quarters, we see encouraging stabilization. This indicates that we are gradually seeing the benefits of our efforts, including the step-up approval and launches of Wegovy 7.2 mg and Ozempic 2.0 mg.

Speaker #4: In the UK, Wegovy 7.2 mg in a single-dose pen is now broadly available. Since the introduction of the step-up dose earlier this year, we have seen a market share increase in the GLP-1 market.

Speaker #4: In the EU, Wegovy 7.2 mg in the single-dose pen was recently approved, and we look forward to launching the pen in the first EU market during Q3.

Emil Kongshøj Larsen: In the EU, Wegovy 7.2 milligram in the single-dose pen was recently approved, and we look forward to launching the pen in the first EU markets during Q3. Ozempic continues to see solid sales momentum, with sales growth of 10% in Q2. This is partially driven by Ozempic 2.0 milligram, which is now launched in around 10 countries with good uptake, coupled with strong overall Ozempic performance across key European markets. Recently, we saw the first generic entries in the early LOE markets. While modest so far, the LOE impact is expected to be back-end loaded in H2 2026. Although it is early days, we generally see the market expanding in the early LOE countries, mainly driven by more products being available at lower prices and significant promotional investments by new entrants.

Speaker #4: Ozempic continues to see solid sales momentum, with sales growth of 10% in the second quarter. This is partially driven by Ozempic 2.0 mg, which is now launched in around 10 countries with good uptake, coupled with strong overall Ozempic performance across key European markets.

Speaker #4: Recently, we saw the first generic entries in the early LOE markets. While modest so far, the LOE impact is expected to be back-end loaded in the second half of 2026.

Speaker #4: Although it is early days, we generally see the market expanding in the early LOE countries, mainly driven by more products being available at lower prices and significant promotional investments by new entrants.

Speaker #4: While the generic players have started to capture market share, we have so far been able to grow our absolute volumes. In Canada, our leading tactic is a savings card program, and we've seen good volume retention for both Ozempic and Wegovy in the cash and private insurance channels.

Emil Kongshøj Larsen: While the generic players have started to capture market share, we have so far been able to grow our absolute volumes. In Canada, our leading tactic is the savings card program, and we've seen good volume retention for both Ozempic and Wegovy in the cash and private insurance channels. Next slide, please. Recently, we launched Wegovy pill in the first IO countries, the UK and UAE. This marks an important milestone as we are now able to offer people a weight loss efficacy on par with that of injectable Wegovy in a once-daily, easily administered pill in these countries. In the UK, the Wegovy pill was made broadly available in early July, becoming the first once-daily oral GLP-1 treatment for weight management. It is estimated that around 20 million adults live with obesity in the UK.

Speaker #4: Next slide, please. Recently, we launched the Wegovy pill in the first IO countries, the UK and UAE. This marks an important milestone, as we are now able to offer people weight loss efficacy on par with that of injectable Wegovy in a once-daily, easily administered pill in these countries.

Speaker #4: In the UK, the Wegovy pill was made broadly available in early July, becoming the first once-daily oral GLP-1 treatment for weight management. It is estimated that around 20 million adults live with obesity in the UK.

Speaker #4: Prior to the launch, around 1.6 million people were treated with obesity medication in this market. Just three weeks into the launch, we estimate around 300,000 patients have started on the Wegovy pill.

Emil Kongshøj Larsen: Prior to the launch, around 1.6 million people were treated with obesity medication in this market. Just three weeks into the launch, we estimate around 300,000 patients have started on the Wegovy pill. While it's early days, it appears that the majority of the new patients are GLP-1 treatment naive, suggesting a market expansion. The launch uptake means that our overall GLP-1 obesity market share has increased markedly. When looking at IQVIA sell-in data to private providers and pharmacies in July, we've seen an increase in the overall Novo Nordisk obesity market share from around 30% prior to the launch to now 45%. In the UAE, we also observe encouraging trends. The Wegovy pill became available in early June, roughly one month after an oral competitor entered. Despite not being the first mover, Wegovy pill has already captured around 50% market share in the oral segment.

Speaker #4: While it's early days, it appears that the majority of the new patients are GLP-1 treatment-naive, suggesting a market expansion. The launch uptake means that our overall GLP-1 obesity market share has increased markedly.

Speaker #4: When looking at IQVIA sell-in data to private providers and pharmacies in July, we've seen an increase in the overall Novo Nordisk obesity market share from around 30% prior to the launch to now 45%.

Speaker #4: In the UAE, we also observe encouraging trends. The Wegovy pill became available in early June, roughly one month after an oral competitor entered, despite not being the first mover.

Speaker #4: The Wegovy pill has already captured around 50% market share in the oral segment. We are pleased to see these encouraging uptakes and expect to launch the Wegovy pill in selected countries in the coming quarters, starting with Germany in September.

Emil Kongshøj Larsen: We are pleased to see these encouraging upticks and expect to launch the Wegovy pill in selected countries in the coming quarters, starting with Germany in September. With that, over to you, Martin.

Speaker #4: With that, over to you, Martin.

Speaker #1: Thank you, Emil. Please turn to the next slide. Last week, we announced the headline results from SOUS, the first cardiovascular outcome trial investigating CT-VECMAP.

Martin Holst Lange: Thank you, Emil. Please turn to the next slide. Last week, we announced the headline results from ZEUS, the first cardiovascular outcome trial investigating ziltivekimab. ZEUS was a large-scale cardiovascular outcomes trial with more than 6,300 people enrolled and randomized in a one-to-one ratio to receive once-monthly ziltivekimab 15 mg or placebo on top of standard of care. The eligibility criteria were designed to include patients with established cardiovascular disease, established chronic kidney disease, and inflammation, as measured by high-sensitivity C-reactive protein equal to or above two mg per L. The primary objective was to demonstrate superiority of once-monthly ziltivekimab versus placebo on top of standard of care to reduce the risk of major adverse cardiovascular events. Overall, the trial demonstrated robust execution with treatment adherence and discontinuation rates consistent with the expectations.

Speaker #1: SOUS was a large-scale cardiovascular outcomes trial with more than 6,300 people enrolled and randomized in a one-to-one ratio to receive once-monthly CTVECMAP 15 mg or placebo on top of standard of care.

Speaker #1: The eligibility criteria were designed to include patients with established cardiovascular disease, established chronic kidney disease, and inflammation as measured by high-sensitivity C-reactive protein equal to or above 2 mg per liter.

Speaker #1: The primary objective was to demonstrate the superiority of once-monthly CT-VECMAP versus placebo, on top of standard of care, to reduce the risk of major adverse cardiovascular events.

Speaker #1: Overall, the trial demonstrated robust execution with treatment adherence and discontinuation rates consistent with expectations. No unexpected findings were observed with respect to dosing, treatment exposure, or imbalances in standard-of-care management across treatment groups.

Martin Holst Lange: No unexpected findings were observed with respect to dosing, treatment exposure, or imbalances in standard of care management across treatment groups. Ziltivekimab showed target engagement and inhibition of the IL-6 pathway, as reflected by expected reduction in free IL-6 and hsCRP, respectively. This does not translate into MACE reductions with a hazard ratio of 0.99. From a safety standpoint, the overall rates of adverse events and serious adverse events were similar between those treated with ziltivekimab and those on placebo. Consistent with targeting IL-6 inhibition, a higher proportion of people treated with ziltivekimab had serious infections compared to placebo. Importantly, no difference in all-cause mortality was observed with a hazard ratio of 0.99. The ZEUS trial did not validate the IL-6 hypothesis in this specific high-risk population. This does not change our strategic commitment to cardiovascular disease.

Speaker #1: While CT-VECMAP showed target engagement and inhibition of the IL-6 pathway, as reflected by expected reduction in free IL-6 and HSCRP respectively, this did not translate into mass reductions, with a hazard ratio of 0.99.

Speaker #1: From a safety standpoint, the overall rates of adverse events and serious adverse events were similar between those treated with CT-VECMAP and those on placebo.

Speaker #1: Consistent with targeting IL-6 inhibition, a higher proportion of people treated with CT-VECMAP had serious infections compared to placebo. Importantly, no difference in all-cause mortality was observed, with a hazard ratio of 0.99.

Speaker #1: While the SOUS trial did not validate the IL-6 hypothesis in this specific high-risk population, this does not change our strategic commitment to cardiovascular disease.

Speaker #1: The trial will inform our ongoing cardiovascular research and the development of treatments for the millions of people living with cardiovascular disease. Cardiovascular outcomes trials Artemis and Hermes, which evaluate CT-VECMAP in people with acute myocardial infarction and heart failure with preserved ejection fraction, respectively, are planned to continue with results expected during the first half of 2027.

Martin Holst Lange: The trial will inform our ongoing cardiovascular research and the development of treatments for the millions of people living with cardiovascular disease. Cardiovascular outcomes trials ARTEMIS and HERMES, which evaluate ziltivekimab in people with acute myocardial infarction and heart failure, with preserved ejection fraction, respectively, are planned to continue, with results expected during H1 2027. Please go to the next slide. Beyond the ZEUS readout, we have had a busy Q2 across all our therapy areas. Starting with obesity, we successfully completed the REDEFINE 9 trial, which was a 68-week efficacy and safety trial testing CagriSema maintenance doses of 1.0 and 1.7 milligram of each component in people with overweight obesity. For both lower doses of CagriSema, there was an achievement of superior weight loss compared to placebo. In the trial, CagriSema appeared safe and well-tolerated, consistent with the previous CagriSema trials.

Speaker #1: Please go to the next slide. Beyond the SOUS readout, we have had a busy second quarter across all of our therapy areas. Starting with obesity, we successfully completed the REDEFINE 9 trial, which was a 68-week efficacy and safety trial testing CagriSema maintenance doses of 1.0 and 1.7 mg of each component in people with overweight or obesity.

Speaker #1: For both lower doses of CAGRIS-M, there was an achievement of superior weight loss compared to placebo. In the trial, CAGRIS-M appeared safe and well-tolerated, consistent with the previous CAGRIS-M trials.

Speaker #1: We expect to share detailed data later this year. We also initiated the CAGRIS-M phase 3B trial, looking at the higher fixed-dose combination of CAGRIS-M with 2.4 mg of cabrinatide and 7.2 mg of semaglutide.

Martin Holst Lange: We expect to share detailed data later this year. We also initiated the CagriSema phase III-B trial, looking at the higher fixed-dose combination of CagriSema with 2.4 milligram of cagrilintide and 7.2 milligram of semaglutide. The REDEFINE high-dose trial comprises of two individual substudies, one in people with obesity without diabetes, and another in people with obesity and type 2 diabetes. Each substudy evaluates the body weight reduction with CagriSema high dose compared to CagriSema 2.4 milligram of each component and semaglutide 7.2 milligram alone. We still expect a US decision for CagriSema in obesity at the end of 2026, with a potential launch in 2027. We also initiated the phase II trial for our triple agonist targeting GLP-1, GIP, and amylin receptors, evaluating different dose escalation regimen for up to 39 weeks. The phase II trial is expected to read out in H2 2027.

Speaker #1: The redefined high-dose trial comprises two individual sub-studies: one in people with obesity without diabetes, and another in people with obesity and type 2 diabetes.

Speaker #1: Each sub-study evaluates the body weight reduction with CAGRIS-M high dose compared to CAGRIS-M 2.4 mg of each component and semaglutide 7.2 mg alone. We still expect a U.S. decision for CAGRIS-M in obesity at the end of 2026, with a potential launch in 2027.

Speaker #1: We also initiated the Phase 2 trial for our triple agonist targeting GLP-1, GIP, and amylin receptors, evaluating different dose escalation regimens for up to 39 weeks.

Speaker #1: The Phase 2 trial is expected to read out in the second half of 2027. Within diabetes, we initiated a Phase 2 trial for UBT251 in people living with type 2 diabetes.

Martin Holst Lange: Within diabetes, we initiated a phase II trial for UBT251 in people living with type 2 diabetes. The trial will investigate the safety, tolerability, and efficacy of once-weekly UBT251 for up to 40 weeks. The trial is expected to read out by the end of 2027. We also completed the open-label head-to-head REIMAGINE 4 trial investigating CagriSema 2.4 milligram versus tirzepatide 15 milligram. When evaluating effects, people treated with CagriSema achieved a weight loss of 15.2% and an HbA1c of 1.9% response, respectively, at 68 weeks. For the dual primary endpoint, CagriSema demonstrated non-inferiority versus tirzepatide for weight reduction, but not for HbA1c reduction. Looking ahead to the remainder of 2026, we are set to deliver a number of important milestones and regulatory achievements.

Speaker #1: The trial will investigate the safety, tolerability, and efficacy of once-weekly UBT251 for up to 40 weeks. The trial is expected to read out by the end of 2027.

Speaker #1: We also completed the open-label, head-to-head REIMAGINE IV trial investigating Cagrisema 2.4 mg versus tesabitide 15 mg. When evaluating effects, people treated with Cagrisema achieved a weight loss of 15.2% and an A1C reduction of 1.9 percentage points, respectively, at 68 weeks.

Speaker #1: For the dual primary endpoint, CAGRIS-M demonstrated non-inferiority versus tesabitide for weight reduction, but not for A1C reduction. Looking ahead to the remainder of 2026, we are set to deliver a number of important milestones and regulatory achievements.

Speaker #1: In obesity, we plan to initiate several large-stage programs, including oral phenygantide in obesity and cabrinatide high dose, marking important steps in advancing our next-generation obesity portfolio.

Martin Holst Lange: In obesity, we plan to initiate several large-stage programs, including oral selenganside in obesity and cagrilintide high dose, marking important steps in advancing our next-generation obesity portfolio. Within obesity-related comorbidities, we anticipate phase III safety results from the SYNCHRONY real-world trial of efruxifermin in people living with MASH and fibrosis stages F1 to F4. The trial's primary endpoint is safety and tolerability. In diabetes, we expect to initiate REIMAGINE Switch, evaluating the safety and tolerability of switching from semaglutide 1.0 mg and 2.0 mg to CagriSema. Results are anticipated in H2 2027. In addition, we plan to initiate AMBITION, the phase III development program for selenganside. On regulatory milestones, we continue to anticipate a U.S. regulatory decision for oral semaglutide 25 mg in type 2 diabetes, as well as U.S. and EU regulatory decisions for denecimig in hemophilia A.

Speaker #1: Within obesity-related comorbidities, we anticipate phase 3 safety results from the SYNCHRONY real-world trial of epiroxifermin in people living with MASH and fibrosis stages F1 to F4.

Speaker #1: The trial's primary endpoint is safety and tolerability. In diabetes, we expect to initiate the reimagined SWITCH study, evaluating the safety and tolerability of switching from semaglutide 1.0 mg and 2.0 mg to CAGRIS-M.

Speaker #1: Results are anticipated in the second half of 2027. In addition, we plan to initiate AMBITION, the phase 3 development program for senogentide. On regulatory milestones, we continue to anticipate a U.S. regulatory decision for oral semaglutide 25 mg in type 2 diabetes, as well as U.S. and EU regulatory decisions for denesimic in hemophilia A.

Speaker #1: We also remain on track to submit Tavopivet in both the EU and US in the fourth quarter of 2026, following the positive Hibiscus results announced earlier this year.

Martin Holst Lange: We also remain on track to submit etavopivat in both EU and U.S. in Q4 2026, following the positive HIBISCUS results announced earlier this year. Taken together, these milestones underscore the breadth and the strength of our pipeline as we continue to advance innovative therapies across obesity, diabetes, rare diseases, and associated comorbidities. With that, over to you, Karsten.

Speaker #1: Taken together, these milestones underscore the breadth and strength of our pipeline as we continue to advance innovative therapies across obesity, diabetes, rare diseases, and associated comorbidities.

Speaker #1: With that, over to you, Karsten.

Speaker #2: Thank you, Martin. Please turn to the next slide. In the second quarter of 2026, our adjusted sales increased by 7% at constant exchange rates, reaching DKK 78.5 billion.

Karsten Munk Knudsen: Thank you, Martin. Please turn to the next slide. In Q2 2026, our adjusted sales increased by 7% at constant exchange rates, reaching DKK 78.5 billion. This was driven by GLP-1 volume growth across geographies and a favorable rebate adjustment related to prior periods. The adjusted gross margin was realized at 78.2% compared to 82.7% in Q2 2025, reflecting lower realized prices, one-time cost of around DKK 3 billion related to right sizing of manufacturing capacity agreements, as well as a negative currency impact. This was partially countered by productivity gains and a positive product mix from increased GLP-1 sales. Adjusted operating profit increased by 11% at constant exchange rates, driven by higher sales and lower costs for the quarter.

Speaker #2: This was driven by GLP-1 volume growth across geographies and a favorable rebate adjustment related to prior periods. The adjusted gross margin was realized at 78.2%, compared to 82.7% in Q2 2025, reflecting lower realized prices, a one-time cost of around DKK 3 billion related to rightsizing of manufacturing capacity agreements, as well as a negative currency impact.

Speaker #2: This was partially countered by productivity gains and a positive product mix from increased GLP-1 sales. Adjusted operating profit increased by 11% at constant exchange rates, driven by higher sales and lower costs for the quarter.

Speaker #2: Through our disciplined cost base approach, we are now ahead of plan to deliver the DKK 8 billion of savings from the company-wide transformation announced back in the third quarter of 2025, which are being reinvested into growth opportunities.

Karsten Munk Knudsen: Through our disciplined cost-based approach, we are now ahead of plan to deliver the DKK 8 billion of savings from the company-wide transformation announced back in Q3 2025, which are being reinvested into growth opportunities. At the end of Q2, the number of full-time employees was around 66,700, which is a decrease of almost 12,000 employees corresponding to roughly a 15% decline compared to 12 months ago. Please go to the next slide. For H1 2026, Novo Nordisk has delivered a better than expected start to the year. As a result, we have raised our guidance again. The adjusted sales growth is now expected to be 0% to -6% at constant exchange rates. The improvement in the outlook is mainly driven by increased expectations for GLP-1 product sales.

Speaker #2: At the end of the second quarter, the number of full-time employees was around 66,700, which is a decrease of almost 12,000 employees, corresponding to roughly a 15% decline compared to 12 months ago.

Speaker #2: Please go to the next slide. For the first six months of 2026, Novo Nordisk has delivered a better-than-expected start to the year. As a result, we have raised our guidance again.

Speaker #2: The adjusted sales growth is now expected to be 0% to minus 6% at constant exchange rates. The improvement in the outlook is mainly driven by increased expectations for GLP-1 product sales.

Speaker #2: The outlook reflects expectations for sales growth within international operations, and expectations for a sales decline within US operations. In international operations, the outlook is based on current growth trends, including continued volume penetration for GLP-1 treatments and market expansion, mainly within obesity.

Karsten Munk Knudsen: The outlook reflects expectations for sales growth within international operations and expectations for sales decline within US operations. In international operations, the outlook is based on current growth trends, including continued volume penetration for GLP-1 treatments and market expansion, mainly within obesity. In addition, the outlook is based on negative impacts from the compound patent expiry of the semaglutide molecule in certain markets. Novo Nordisk continues to roll out the Wegovy product portfolio in more markets during 2026, including the Wegovy pill. In US operations, the outlook is based on current prescription trends for the injectable GLP-1 portfolio, intensifying competition, as well as negative impact from reduced obesity medication coverage in Medicaid. Further lower realized prices linked to investments in market access amplified by the Most Favored Nations agreement with the US administration is assumed.

Speaker #2: In addition, the outlook is based on negative impacts from the compound patent expiry of the semaglutide molecule in certain markets. Novo Nordisk continues to roll out the Wegovy product portfolio in more markets during 2026, including the Wegovy pill.

Speaker #2: In US operations, the outlook is based on current prescription trends for the injectable GLP-1 portfolio, intensifying competition, as well as the negative impact from reduced obesity medication coverage in Medicaid.

Speaker #2: Further lower realized prices linked to investments in market access, amplified by the Most Favored Nations agreement with the US administration, is assumed. Novo Nordisk further focuses on expanding access, particularly in the self-pay channel through NovoCare Pharmacy and collaborations with telehealth organizations, as well as the Bridge program in Medicare Part D.

Karsten Munk Knudsen: Novo Nordisk further focuses on expanding access, particularly in the self-pay channel, through NovoCare Pharmacy and collaborations with telehealth organizations, as well as the bridge program in Medicare Part D. Uptake related to the launch of Wegovy pill in January 2026 is reflected in the outlook based on a range of assumptions as outlined in the company announcements. Adjusted operating profit is now expected to be 0% to -6% at constant exchange rates. The expectations for adjusted operating profit growth primarily reflects the improved sales outlook, combined with targeted investments in current and future growth opportunities within R&D and commercial, partly funded by reinvestment of savings from the company-wide transformation in 2025, as well as further optimization initiatives and disciplined resource allocation. Other key modeling considerations for 2026 are shown on the slides. That was the outlook for 2026. Now over to you, Mike.

Speaker #2: Uptake related to the launch of the Wegovy pill in January 2026 is reflected in the outlook, based on a range of assumptions as outlined in the company announcements.

Speaker #2: Adjusted operating profit is now expected to be 0% to minus 6% at constant exchange rates. The expectation for adjusted operating profit growth primarily reflects the improved sales outlook, combined with targeted investments in current and future growth opportunities within R&D and commercial, partly funded by reinvestment of savings from the company-wide transformation in 2025, as well as further optimization initiatives and disciplined resource allocation.

Speaker #2: Other key modeling considerations for 2026 are shown on the slides. That was the outlook for 2026. Now, over to you, Mike.

Speaker #3: Thank you, Karsten. Please go to the next slide. While 2026 continues to be a challenging year for Novo Nordisk, it has also been an exciting and important one.

Maziar Mike Doustdar: Thank you, Karsten. Please go to the next slide. While 2026 continues to be a challenging year for Novo Nordisk, it has also been an exciting and an important one. We are encouraged by the H1 results and by the progress we have made across several areas compared with the expectations we had at the beginning of the year. At the same time, the year is far from over, and we maintain mindful for the headwinds we are facing in the H2. Our priorities for 2026 remain clear, and there is still significant work ahead of us. As Jamey and Emil explained, we continue to strengthen our competitiveness by expanding our product offerings globally and bringing innovation to many more people. Our pipeline continues to advance at speed, with additional first-in-human dosing and initiation of late-stage clinical trials across multiple therapy areas.

Speaker #3: We are encouraged by the first-half results and by the progress we have made across several areas, compared with the expectations we had at the beginning of the year.

Speaker #3: At the same time, the year is far from over, and we remain mindful of the headwinds we are facing in the second half. Our priorities for 2026 remain clear.

Speaker #3: And there's still significant work ahead of us. As Jamie and Emile explained, we continue to strengthen our competitiveness by expanding our product offerings globally and bringing innovation to many more people.

Speaker #3: Our pipeline continues to advance at speed, with additional first-in-human dosing and initiation of late-stage clinical trials across multiple therapy areas. And finally, we're progressing ahead of our transformation plan announced last September.

Maziar Mike Doustdar: Finally, we are progressing ahead of our transformation plan announced last September, creating greater capacity to invest in future growth opportunities. On behalf of the entire management team, we look forward to discussing these areas in greater depth at our Capital Markets Day in September. With that, let me hand it back to you, Michael.

Speaker #3: This is creating greater capacity to invest in future growth opportunities. On behalf of the entire management team, we look forward to discussing these areas in greater depth at our Capital Markets Day in September.

Speaker #3: And with that, let me hand it back to you, Michael.

Speaker #1: Thank you, Mike. Next slide, please. With that, we're now ready for the Q&A. We kindly ask all participants to limit themselves to one or, at most, two questions, including sub-questions.

Karsten Munk Knudsen: Thank you, Mike. Next slide, please. With that, we are now ready for the Q&A. We kindly ask all participants to limit her or himself to one or maximum two questions, including sub-questions. Operator, we are now ready to take the first question.

Speaker #1: Operator, we're now ready to take the first question.

Speaker #4: Thank you. As a reminder, to ask a question you will need to press star, one, and one on your telephone, and wait for your name to be announced.

Operator: Thank you. As a reminder, to ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. Our first question comes from the line of James Quigley from Goldman Sachs. Please go ahead. Your line is open.

Speaker #4: To withdraw your question, please press star one and then one again. Our first question comes from the line of James Quickley from Goldman Sachs.

Speaker #4: Please go ahead, your line is open.

Speaker #5: Great, thank you for taking my question. I’ve got one on the guidance and one on extra Wegovy pill trajectory. So, in the guidance, the second half implies around 5% or so negative growth, but can you talk to the dynamics and the headwinds that you have there?

James Quigley: Great. Thank you. My question, I have got one on the guidance and one on ex-US Wegovy pill trajectory. The guidance for H2 implies around 5% or so negative growth. Can you talk to the dynamics and the headwinds that you have there? Which of those headwinds could potentially also move forward into 2027 and impact growth there? Excuse me. Secondly, on the ex-US Wegovy pill trajectory, UK, you said 300,000 patients in the first three weeks or so since launch. That compares to 48,000 for the US. How comparable are the launch trajectories for the US versus ex-US markets? What have you seen in terms of waiting lists, and things like that for the UK? Are there any similar metrics or expectations you have for the Germany launch that you have seen with the UK launch as well? Thank you.

Speaker #5: Which of those headwinds could potentially also move forward into 2027 and impact growth there? Excuse me. And secondly, on the ex-US Wegovy pill trajectory—in the UK, you said 300,000 patients in the first three weeks or so since launch.

Speaker #5: That compares to 48,000 for the US. So, how comparable are the launch trajectories for the US versus ex-US markets? What have you seen in terms of waiting lists?

Speaker #5: And things like that for the UK? And are there any similar metrics or expectations you have for the Germany launch that you've seen with the UK launch as well?

Speaker #5: Thank you.

Speaker #1: Thank you very much, James. First question for Karsten, and second question for Emile.

Michael Novod: Thank you very much, James. First question for Carsten and second question for Emil.

Speaker #2: Yep. James, thanks for the question. In terms of outlook and the balance-of-year logic you're after, the simple version is that we take our current run rate, where we delivered 2% growth in the first half, and continue with that run rate.

Karsten Munk Knudsen: James, thanks for the question. In terms of outlook, and the balance of year logic you're after, then the simple version is that we take our current run rate, where we deliver 2% growth in the H1 and continue with that run rate. You factor in two factors. One being loss of exclusivity for Sema in a few markets, Canada and Brazil mainly, which we see happening here predominantly starting in the H2. You take into account the favorable gross to net effects we had in Q3 and Q4 last year of combined DKK 5 billion. If you take that carry forward, then of course, the comparator effect, we don't carry forward into next year whilst the loss of exclusivity impact will annualize into next year.

Speaker #2: And then you factor in two things: one being loss of flexibility for SEMI in a few markets—Canada and Brazil mainly—which we see happening here predominantly starting in the second half.

Speaker #2: And then you take into account the favorable gross-to-net effects we had in Q3 and Q4 last year, of a combined 5 billion. If you take that carry forward, then of course, the comparative effect—we don't carry forward into next year, whilst the loss of flexibility impact will annualize into next year.

Emil Kongshøj Larsen: On your second question. We, of course, are very encouraged by the UK. Mind you, almost three out of 10 obesity patients on a once-weekly GLP-1 and IO live in the UK, but it's still only 1.6 million patients being treated out of 20. The room for market expansion is tremendous in the UK. As you rightly point out, there was a pent-up demand. A lot of patients have been on the sidelines even more than we could have hoped for. It just goes to show that the injection barrier is very real. This uptake is, of course, tremendous. We also believe the fact that we don't have drug-drug interactions allow patients on oral contraceptives, on statins, et cetera, to start easily on a once-day very efficacious option here. We are super encouraged.

Speaker #3: On your second question, we, of course, are very encouraged by the UK. Mind you, almost 3 out of 10 obesity patients on a once-weekly GLP-1 and IO live in the UK.

Speaker #3: But it's still only 1.6 million patients being treated out of 20 million. So the room for market expansion is tremendous in the UK. And as you rightly point out, there was a pent-up demand; a lot of patients have been on the sidelines.

Speaker #3: Even more than we could have hoped for. And it just goes to show that the injection barrier is very real. And this uptake is, of course, tremendous.

Speaker #3: We also believe the fact that we don't have drug-drug interactions allows patients on oral contraceptives, on statins, etc., to start easily on a once-a-day, very efficacious option here.

Speaker #3: So we're super encouraged. We are, of course, optimistic about the continued uptake based on what we hear from the providers and also the media sentiment.

Emil Kongshøj Larsen: We are, of course, optimistic on the continuous uptake based on what we hear from the product providers and also the media sentiment. In terms of the read-across to Germany, it is quite a different market, but Germany is also a market that, versus a year ago, is now driven by telehealth. More than half of the growth and a third of the market is already sold through telehealth channels, and there is an increasing awareness in the population and an even larger unmet need because treatment rates are lower. We start from a different base, we'll use a lot of the same tactics in Germany and we are bullish on the uptake there as well.

Speaker #3: In terms of the read-across to Germany, it is quite a different market. But Germany is also a market that, versus a year ago, is now driven by telehealth—more than half of the growth, and a third of the market is already sold through telehealth channels.

Speaker #3: And there is an increasing awareness in the population and an even larger unmet need because treatment rates are lower. So, we start from a different base, but we'll use a lot of the same tactics in Germany, and we are bullish on the uptake there as well.

Speaker #1: Thank you very much, Emile. Thanks, Karsten. And thanks, James. Next question, please.

Michael Novod: Thank you very much, Emil. Thanks, Carsten, and thanks, James. Next question, please.

Speaker #4: And our next question comes from the line of Richard Vosser from JP Morgan. Please go ahead, your line is open.

Operator: Our next question comes from the line of Richard Vosser from JPMorgan. Please go ahead. Your line is open.

Speaker #2: Hi, thanks for taking my question. Two questions, please. First question, just on the redefine/reimagine for implications—apologies—for the launch of category sema in diabetes.

Richard Vosser: Hi. Thanks for taking my question. Two questions, please. First question, just on the REIMAGINE 4 implications, apologies, for the launch of CagriSema in diabetes. Just thinking about the positioning of the product, given the HbA1c was inferior compared to Mounjaro and, of course, the focus in diabetes on blood glucose control. The second question just is on supply. Could you remind us where you are in the ramp-up of the new API manufacturing facilities? What sort of utilization are you at the new plants? How quickly can you anticipate being at full capacity? Where are we heading on there in terms of supply? Thanks very much.

Speaker #2: Just thinking about the positioning of the product given the HbA1c was inferior compared to Mounjaro, and of course the focus in diabetes on blood glucose control.

Speaker #2: And then the second question is just on supply. Could you remind us where you are in the ramp-up of the new API manufacturing facilities?

Speaker #2: What sort of utilization are you seeing at the new plants? How quickly can you anticipate being at full capacity? Where are we heading in terms of supply?

Speaker #2: Thanks very much.

Speaker #1: Thank you very much. First question on Reimagine for Martin, and then the supply question for Karsten.

Michael Novod: Thank you very much. First question on REIMAGINE 4 for Martin, and then the supply question for Carsten.

Speaker #5: Yeah. Thank you very much, Richard. I'll just remind you that across the category, semis are two diabetes trials we've seen A1C lowering between minus 1.8% and minus 2.3%.

Martin Holst Lange: Thank you very much, Richard. I'll just remind you that across the CagriSema type 2 diabetes trials, we've seen HbA1c lowering between minus 1.8% and 2.3%, very, very strong glycemic control. In the REIMAGINE 4, it was 1.9%, and at the same time, we've seen an almost unprecedented 15% weight loss. Also reminding you that CagriSema is obviously the combination of semaglutide that has a very well-established in obesity. It's basically the only, and in diabetes, it appears to be the strongest CV risk reduction asset in the field.

Speaker #5: So, very, very strong glycemic control. In the REIMAGINE-4, it was 1.9. And at the same time, we've seen an almost unprecedented 15% weight loss.

Speaker #5: Also reminding you that category semis are obviously the combination of semaglutide, which has a very well-established role in obesity—it's basically the only one—and in diabetes, it appears to be the strongest CV MACE.

Speaker #5: Risk reduction asset in the field. That carries into the category 'semi' and the benefits that we've seen on blood pressure, on glycemic control, on lipid improvements.

Karsten Munk Knudsen: That carries into CagriSema, and the benefits that we've seen on blood pressure, on glycemic control, on lipid improvements, and what we've also seen in the preclinical space on potential bone preservation, potentially other benefits of the amylin biology that calls for a really strong proposition, not only in diabetes, obviously, but also in obesity, where we've seen a 23% weight loss. Across the board, we really meet a lot of excitement from investigators, but also treating physicians looking forward to having yet another new biology with very strong glycemic control, weight loss, but also other benefits from a combination therapy.

Speaker #5: And what we've also seen in the preclinical space on potential bone preservation, potentially other benefits of the amyloid biology, that calls for a really, really strong proposition not only in diabetes, obviously, but also in obesity, where we've seen a 23% weight loss.

Speaker #5: So across the board, we really meet a lot of excitement from investigators, but also treating physicians looking forward to having yet another new biology with very strong glycemic control, weight loss, but also other benefits from a combination therapy.

Speaker #1: Thank you, Martin. Karsten?

Michael Novod: Thank you, Martin. Carsten.

Speaker #2: Yeah, Richard, on your question, in terms of API supply from our new facilities, I believe you visited one of the plants in connection with the latest Capital Markets Day in Denmark a couple of years ago.

Karsten Munk Knudsen: Richard, on your question in terms of API supply from our new facilities, I believe you visited one of the plants in connection with the latest Capital Markets Day in Denmark a couple of years ago. What I would say is that we have validated the first product in the first finger in the first facility. That's as specific as I can be. It's progressing very nicely, and we're happy with progress. So far in terms of commercial supply into the marketplace, very low utilization from these facilities, which makes us also bullish in terms of being able to supply significant volumes in the years to come, especially for the Wegovy pill for ex-US rollout.

Speaker #2: What I would say is that we have validated the first product in the first "finger" in the first facility. That's as specific as I can be.

Speaker #2: So it's progressing very nicely, and we're happy with the progress so far. In terms of commercial supply into the marketplace, there's very low utilization from these facilities, which makes us also bullish in terms of being able to supply significant volumes in the years to come, especially for the Wegovy pill for ex-U.S. rollout.

Speaker #1: Very clear, Karsten. Thank you very much. And thank you, Richard. Next question, please.

Michael Novod: Very clear, Carsten. Thank you very much, and thank you, Richard. Next question, please.

Speaker #4: And our next question comes from the line of Michael Leuchten from Jefferies. Please go ahead, your line is open.

Operator: Our next question comes from the line of Michael Leuchten from Jefferies. Please go ahead, your line is open.

Speaker #2: Thank you. Two questions, please. One for Mike. Just a clarification, Mike, on your BD strategy. I think there was an FT article that suggested that you'd be willing to look at larger transactions, and then I think this morning on the media call you said you're more focused on bolt-on acquisitions. Just to clarify, what size of potential additions to the portfolio are you looking at, and why are you making that choice?

Michael Leuchten: Thank you. Two questions, please. One for Mike. Just clarification, Mike, on your BD strategy. I think there was an FT article that suggests that you'd be willing to look at larger transactions, then I think this morning on the media call you said you're more focused on bolt-on acquisitions. Just clarifying, what size of potential additions to portfolio are you looking at, and why are you making that choice? Going back to Martin, the REMATCH-4 failure. Can you help me think through what that may or may not mean for amycretin? Because we keep seeing data points that suggest that adding a Novo GLP-1 with an amylin doesn't get us to one plus one to equal two. It's more like 1.5.

Speaker #2: And then, going back to Martin, the reimagine for failure—can you help me think through what that may or may not mean for Amiclatin? Because we keep seeing data points that suggest that adding a Novo GLP-1 with an amyloid doesn't get us to one plus one equals two.

Speaker #2: It's more like 1.5, and I just wonder what that means for a unimolecular asset that is combining those two, where you just have less ability to titrate the two components up or down.

Michael Leuchten: I just wonder what that means for a unimolecular asset that is combining those two, where you just have less ability to titrate the two components up or down. How do I think about the ability to get that unimolecular structure into the right landing zone from an efficacy and tolerability perspective?

Speaker #2: How do I think about the ability to get that unimolecular structure into the right landing zone from an efficacy and tolerability perspective?

Speaker #1: Great. First question for Mike on BD, and then on Amiclatin, also in a gametide for Martin afterwards.

Michael Novod: Great. First question for Mike on BD, on amycretin also on the gam side for Martin afterwards.

Speaker #2: Thanks, Michael. So, I don't measure our ambition by the number or the size of the acquisitions we make. I measure it by the quality of innovation we bring to patients.

Maziar Mike Doustdar: Thanks, Michael. I don't measure our ambition by the number or the size of the acquisition we make. I measure it by the quality of innovation we bring to the patients. I've repeatedly said, Michael, that I'm very proud of our internal R&D and pipeline. No company has a monopoly on good ideas. What I look right now is what Martin is doing within the areas we are operating and some of the comorbidities of obesity and diabetes. While getting incredibly proud, I've also said we are in every data room, try and see who else has a better idea. Who else can give us assets that we can bolt on and complement what basically Martin and co are doing. That's what we are active on.

Speaker #2: I've repeatedly said, Michael, that I'm very proud of our internal R&D and pipeline. But no company has a monopoly on good ideas. So what I look at right now is what Martin is doing within the areas we are operating, and some of the comorbidities of obesity and diabetes.

Speaker #2: And while getting incredibly proud, I've also said we are in every data room, trying to see who else has a better idea, who else can give us assets that we can bolt on and complement what basically Martin and co are doing.

Speaker #2: And that's what we are active on. The comment to Financial Times, just for clarity, has been: is there one day that you can foresee a transformation and transformative M&A?

Maziar Mike Doustdar: The comment to Financial Times, just for clarity, has been, is there one day that you can foresee a transformation and a transformative M&A? I have said that I'm a person who never starts with a no. One day, maybe, but you have to be in a very different situation than Novo Nordisk is today for that one day for us to think about it. Today, we are trying to bolt on to what Martin is doing in various areas.

Speaker #2: And I have said that I’m a person who never starts with a no. So, one day maybe—but you have to be in a very different situation than Novo Nordisk is today for that "one day" for us to think about it.

Speaker #2: Today, we are trying to bolt on to what Martin is doing in various areas.

Speaker #1: Very clear, Mike. And Martin on Gametide?

Michael Novod: Okay, Mike, and Martin on-

Martin Holst Lange: Yeah

Speaker #5: Yeah. Yeah. Thank you very much, Michael, for that question. So obviously, as we've discussed before, we do not believe that we've seen the final data on category semi in and of itself.

Martin Holst Lange: .

Martin Holst Lange: Yeah. Thank you very much, Michael, for that question. Obviously, as we've discussed before, we do not believe that we've seen the final data on CagriSema in and of itself. As we've previously discussed, there is a need for individualized treatment. We are testing that in what we believe is the right setting in REDEFINE 11. Therefore, both from a weight loss potential and potentially also from a glycemic control potential just with CagriSema, we do believe that we could potentially see even further weight loss and potentially even further glycemic control. As you remember from phase II for semaglutide in obesity, we've seen 24% weight loss in a matter of 6 months treatment. This seems to be a very powerful proposition.

Speaker #5: As we've previously discussed, there is a need for individualized treatment. We are testing that in what we believe is the right setting in Redefine 11.

Speaker #5: And therefore, both from a weight loss potential and potentially also from a glycemic control potential, just with category sema, we do believe that we could potentially see even further weight loss and potentially even further glycemic control.

Speaker #5: As you remember from phase two for Senagentide, in obesity we've seen 24% weight loss in a matter of six months of treatment. This seems to be a very powerful proposition.

Speaker #5: I cannot at this point speculate whether it's going to be fundamentally different from category semi, but right now the indications are, both in diabetes and obesity, when it comes to glycemic control and weight loss, that Senagentide will be a substantial addition to what we can do in obesity.

Karsten Munk Knudsen: I cannot at this point speculate whether it's going to be fundamentally different from CagriSema, but right now the indications are both in diabetes and obesity when it comes to glycemic control and weight loss, that semaglutide will be a substantial addition to what we can do in obesity and certainly also in diabetes. Again, I'm looking forward to also show the REDEFINE 9 data, the individualized treatment, getting patients to their desired weight loss or their desired target at different doses will also come clearly through from REDEFINE 9, and we'll share those data later this year to give you further insights.

Speaker #5: And certainly also in diabetes. Again, I'm looking forward to also showing the REDEFINE 9 data. The individualized treatment—getting patients to their desired weight loss or their desired target at different doses—will also come clearly through REDEFINE 9, and we'll share those data later this year to give you further insights.

Speaker #1: Thank you, Martin. Very clear. Thank you, Michael. And operator, next question, please.

Michael Novod: Thank you, Martin. Very clear. Thank you, Michael. Operator, next question, please.

Speaker #4: And our next question comes from the line of Karsten Lundborg Madsen from Danske Bank. Please go ahead, your line is open.

Operator: Our next question comes from the line of Carsten Lundborg Madsen from Danske Bank. Please go ahead, your line is open.

Speaker #2: Yeah, thank you very much for taking my question. I think I'll just take one question here disguised as two questions, I guess. Wegovy US performance, minus 22% in constant exchange rates—Jamie, could you try to give us some info on the dynamics you're seeing here in Q2 for Wegovy in the US market, and also maybe help us understand a little bit the very last discrepancy versus Q1, and also the prescription data that we can see, which points to growth of course, but then there's a pricing component.

Carsten Lundborg Madsen: Yeah, thank you very much for taking my question. I think I'll just take one question here disguised in two questions, I guess. Wegovy US performance -22% in constant exchange rates. Jamey, could you try to give us some info on the dynamics you're seeing here in Q2 for Wegovy in the US market? Also maybe help us understand a little bit the very large discrepancy versus Q1 and also the prescription data that we can see with Points to growth, of course, but then there's a pricing component. Should we worry that there's an increasing pricing pressure seen or maybe light pricing pressure on new channels at lower prices coming on stream?

Speaker #2: Should we worry that there's increasing pricing pressure, or maybe see flag pricing pressure, or new channels at lower prices coming on stream?

Speaker #1: Thank you very much, Karsten. That’s one for you, Jamie.

Michael Novod: Thank you very much, Carsten. That's one for you, Jamey.

Speaker #2: Yeah, thanks very much for the question. I think, as we highlighted at the beginning of the year, we were expecting volume growth but continued price pressure.

Jamey Millar: Thanks very much for the question. I think as we highlighted at the beginning of the year, we were expecting volume growth but continued price pressure, and that's what we've seen. I think you answered the question almost in your question. We did see volume growth with Wegovy injectable, but that was offset by lower realized prices than we anticipated. No new price dynamic impacting it. It's the price dynamic that we started the year with.

Speaker #2: And that's what we've seen. I think you answered the question almost in your question. We did see volume growth with Wegovy injectable, but that was offset by lower realized prices, as we anticipated.

Speaker #2: So, no new price dynamic impacting it. It’s the price dynamic that we started the year with.

Speaker #1: Karsten, can I add on?

Michael Novod: Carsten, can I add on?

Speaker #2: Yeah. And just building on Jamie's comment, what you should also be conscious of, Karsten, is that the business mix has changed for Wegovy injectable in the US. And actually, what Jamie and the team have very successfully pulled off in terms of the brand is to get self-pay going.

Karsten Munk Knudsen: Just building on Jamey's comment, what you should also be conscious of, Carsten, is that the business mix has changed for Wegovy injectable in the US. Actually, what Jamey and the team has very successfully pulled off in terms of the brand is to get self-pay going. Right now, for Wegovy injectable in the US, self-pay is to the tune of 35% of total Wegovy injectable compared to a year ago, where we were around the 10% to 15% range. It's at a different price point, but it's a good way to unlock volume. Then I'd secondly say that we don't see a lot of direct cannibalization from switching to the Wegovy pill. Of course, indirectly, we don't know how many on the pill would otherwise have started on the injectable.

Speaker #2: So right now for Wegovy injectable in the US, self-pay is to the tune of 35% of total Wegovy injectable compared to a year ago, where we were around the 10 to 15 percent range.

Speaker #2: It's at a different price point, but it's a good way to unlock volume. And then, secondly, I would say that we don't see a lot of direct cannibalization from switching to the Wegovy pill.

Speaker #2: But, of course, indirectly, we don't know how many on the pill would otherwise have started on the injectable. So it's just important to take that into account when you look at the script trends.

Karsten Munk Knudsen: It's just important to take that into account when you look at the script trends.

Speaker #1: Thank you very much, Karsten. Thanks, Jamie. And also thank you, Karsten. Operator, next question, please.

Michael Novod: Thank you very much, Carsten. Thanks, Jamey, and also thank you, Carsten. Operator, next question, please.

Speaker #4: Thank you. Our next question comes from the line of Michael Nettlekovich from TD Cowen. Please go ahead, your line is open.

Operator: Thank you. Our next question comes from the line of Michael Nedelkovich from TD Cowen. Please go ahead. Your line is open.

Speaker #2: Hi, thank you so much for the questions. I have two. My first is on the Wegovy pill franchise. Novo conducted a Phase 3 trial of the 50-milligram dose of oral semaglutide that showed even better results than the currently approved 25-milligram dose.

Michael Nedelkovich: Hi. Thank you so much for the questions. I have two. My first is on the Wegovy pill franchise. Novo conducted a phase III trial of the 50mg dose of oral semaglutide that showed even better results than the currently approved 25mg dose. Especially as competition mounts and we see what might be early signs of a potential slowing in momentum in the US, would Novo consider filing the 50mg dose at any point? That's my first question. My second question is on the implications of the ZEUS trial. Its failure amidst a reduction in CRP and IL-6 would seem to suggest that these inflammatory biomarkers are correlates of cardiovascular disease rather than causal factors. To what extent do you agree with that conclusion? In this context, what data serve as the basis for continued enthusiasm around NLRP3 in cardiometabolic disease? Thank you.

Speaker #2: Especially as competition mounts and we see what might be early signs of a potential slowing in momentum in the US, would Novo consider filing the 50-milligram dose at any point?

Speaker #2: That's my first question. And then my second question is on the implications of the ZEUS trial. Its failure, amidst a reduction in CRP and IL-6, would seem to suggest that these inflammatory biomarkers are correlates of cardiovascular disease rather than causal factors.

Speaker #2: To what extent do you agree with that conclusion? And in this context, what data serve as the basis for continued enthusiasm around NLRP3 in cardiometabolic disease?

Speaker #2: Thank you.

Speaker #1: Thank you. Two questions for Martin—one on 50 milligrams of oral sema, and then the second one on Zeus.

Michael Novod: Thank you. Two questions for Martin, one on 50 milligrams of oral sema, the second one on ZEUS.

Speaker #5: Yeah, absolutely. So, as you say, we have conducted a 50 milligram study. It showed some really good results on both efficacy and tolerability. As you've clearly seen, with the 25 milligram, we come out with 17% weight loss and the best tolerability profile.

Martin Holst Lange: Yeah, absolutely. As you say, we have conducted a 50-milligram study. It showed some really good results on both efficacy and tolerability. As you've clearly seen with the 25 milligram, we come out with 17% weight loss and the best tolerability profile as far as we can see in the oral space. That is a very competitive offering with oral semaglutide and with actually three more oral assets in our current pipeline and portfolio. We do expect to be able to further leverage the oral space on efficacy, on tolerability, and potentially also on comorbidities. At this point in time, we do not see a need to launch the 50 milligram. I think on zenagamtide, obviously the jury is still out.

Speaker #5: As far as we can see in the oral space, that is a very competitive offering. With oral Senaglutide and with actually three more oral assets in our current pipeline and portfolio, we do expect to be able to further leverage the oral space on efficacy, on tolerability, and potentially also on comorbidities.

Speaker #5: And therefore, at this point in time, we do not see a need to launch the 50 milligram. I think on senaglutide, obviously the jury is still out.

Martin Holst Lange: You could argue that while you see a reduction in CRP and IL-6, no improvement in MACE, it is because there is an observation, or the original idea was there was an observation that patients who have inflammation have higher risk of CV events. We apparently do not see the opposite. That can be caused by several reasons. Either there is no pharmacological correlate, or it was maybe a too diseased population that wasn't investigated. It could also be that IL-6 in this specific population is too far downstream in terms of the inflammation cascade, NLRP3 are higher up. As you know, the CANTOS trial showed that anti-IL-1 beta action introduced substantial CV benefits. I think it's too early to conclude that inflammation in CV should not be addressed. Actually, we believe the opposite, you also see us continue the two other ZEUS trials.

Speaker #5: You could argue that while you see a reduction in CRP and IL-6 and then no improvement in MACE, it is because there is an observation—or, I mean, the original idea was there was an observation—that patients who have inflammation have higher risk of CV events.

Speaker #5: We apparently do not see the opposite. That can be caused by several reasons. Either there is no pharmacological correlate, or it was maybe a true disease population that was investigated.

Speaker #5: It could also be that IL-6 in this specific population is too far downstream in terms of the inflammation cascade, and NLRP3 is higher up.

Speaker #5: As you know, the cancer trial showed that NGIL-1 beta action introduced substantial CV benefits. So, I think it's too early to conclude that inflammation in CV should not be addressed.

Speaker #5: Actually, we believe the opposite. Therefore, you also see us continue the two other ZEUS trials. As you've already mentioned, we currently have one in the clinic, and we have additional NLRP3 assets in our pre-clinical pipeline. We intend to progress those as well.

Martin Holst Lange: As you've already mentioned, we have currently in the clinic one, we have additional NLRP3 assets in our pre-clinical pipeline, we intend to progress those as well. The unmet need is huge, we need to address that.

Speaker #5: The unmet need is huge, and we need to address that.

Speaker #1: Thank you very much, Martin. Thank you, Michael. And the next question, please.

Michael Novod: Thank you very much, Martin. Thank you, Michael. The next question, please.

Speaker #4: Thank you. Our next question comes from the line of Peter Verdalt from BNP Paribas. Please go ahead, your line is open.

Operator: Thank you. Our next question comes from the line of Peter Verdult from BNP Paribas. Please go ahead. Your line is open.

Speaker #6: Thank you. I'm Peter Verdalt, BNP Paribas. Two questions. Michael, Karsten, a key investor debate is whether 2027 can mark a return to revenue growth.

Peter Verdult: Thank you. Peter Verdult, BNP Paribas. Two questions. Michael, Carsten, a key investor debate is whether 2027 can mark a return

Peter Verdult: To revenue growth consensus currently flat-ish where I last checked. Now I realize Q2 numbers is not the forum for official guidance, but I think it's worth kicking the tires. I'm interested to gauge your level of comfort where consensus sits or your level of optimism about Novo Nordisk returning to top-line growth in 2027, given all the various pushes and pulls. Secondly, for Jamey, just could I push you further on the Medicare GLP-1 Bridge program? Your competitors have been more bullish on the volume inflection potential. I think Novo Nordisk's been trying to keep expectations down, but just what you're seeing at the moment, and just to clarify or to confirm that the current guidance still bakes in conservative assumptions on the Medicare GLP-1 Bridge program volume uplift. Thank you.

Speaker #6: Consensus is currently flattish to our last check. Now, I realize Q2 numbers are not the forum for official guidance, but I think it's worth kicking the tires.

Speaker #6: I'm interested to gauge your level of comfort with where consensus sits, or your level of optimism about Novo returning to top-line growth in '27, given all the various pushes and pulls.

Speaker #6: And then secondly, for Jamie, could I push you further on the Medicare Bridge Program? Your competitors have been more bullish on the volume inflection potential.

Speaker #6: I think Novo is trying to keep expectations down. But just what you're seeing at the moment—and just to clarify, or to confirm—that the current guidance still bakes in conservative assumptions on the bridge program volume uplift.

Speaker #6: Thank you.

Speaker #1: Thank you very much, Pete. First question on Q2 for Karsten, and then the second question on bridge for Jamie.

Michael Novod: Thank you very much, Pete. First question, on 2027 for Carsten, and then the second question on Bridge for Jamey.

Speaker #2: Yeah, Pete, thanks. Thanks for that question. And we look forward to the guide for 2027, coming in February next year. So what I can say today, just in principle, is that we're nicely positioned in a rapidly growing category.

Karsten Munk Knudsen: Yeah. Pete, thanks for that question. We look forward to guide for 2027 come February next year. What I can say today, talking just in principles around it is, we're nicely positioned in a rapidly growing category. The GLP-1 market is growing close to 40%, when we look at moving annual totals. It's a fast-growing market with a long runway. That's, of course, a positive. We have laid out the recent dynamics, actually we did deliver 7% growth in the Q2, so don't count us out yet. Generally speaking, into next year, the starting point is always the current run rates and then adjust it for the various factors.

Speaker #2: So, the GLP-1 market is growing close to 40% when we look at moving annual totals. So, it's a fast-growing market with a long runway.

Speaker #2: So that's, of course, a positive. We have laid out the recent dynamics, and actually, we did deliver 7% growth in the second quarter. So don't count us out yet.

Speaker #2: And then, generally speaking, into next year, the starting point is always the current run rates, and then adjusted for the various factors. So, you start with the current run rate, current script trends, and then to call out into next year, I think you should look at Karzierima, where we have regulatory action at the end of this year for obesity in the US.

Karsten Munk Knudsen: You start with the current run rate, current script trends, to call out into next year, I think you should look at the CagriSema, where we have regulatory action at the end of this year, for obesity in the US. We have Mim8's regulatory decision also in the H2 of this year. You have loss of exclusivity annualization, as I spoke to before, in certain IO markets. I think that's as much as I can talk to in terms of run rate into 2027, we'll come back in February.

Speaker #2: We have my mate’s regulatory decision also in the second half of this year. And then you have loss of flexibility annualization, as I spoke to before, in certain IO markets.

Speaker #2: So I think that's as much as I can talk to in terms of run rate into '27. And then we'll come back in February.

Speaker #1: Thanks, Karsten. Jamie on the bridge.

Michael Novod: Thanks, Carsten. Jamey, on the Bridge?

Speaker #3: Yeah. As it relates to Bridge, firstly, Novo has long advocated for coverage for Medicare Part D patients for obesity medications, so we're pleased that we have that now in the form of the pilot program known as Bridge.

Jamey Millar: Yeah. As it relates to Bridge, firstly, Novo's long advocated for coverage for Medicare Part D patients for obesity medication. Pleased that we have that now in the form of the pilot program, known as Bridge. I think going into 1 July, there were questions about the simplicity and ease of the process for beneficiaries. Secondly, the activation of patients. Quick comment on the process. The market seems to be learning very quickly. In terms of identifying eligible patients, screening for that eligibility, ultimately determining based on the prior authorization, clinical BMI, and comorbidity criteria, that process seems to be going very well. Ease of patients navigating that system with HCPs and pharmacies seems to be going very well. That's a positive.

Speaker #3: I think going into July 1st, there were questions about the simplicity and ease for beneficiaries. And then secondly, the activation of patients. So, a quick comment on the process.

Speaker #3: The market seems to be learning very quickly. And in terms of identifying eligible patients, screening for that eligibility, and then ultimately determining, based on the prior authorization, clinical BMI, and comorbidity criteria, that process seems to be going very well.

Speaker #3: Ease of patients navigating that system with HCPs and pharmacies seems to be going very well, so that's a positive. In terms of the patient activation, it is still just the first few weeks.

Jamey Millar: In terms of the patient activation, it is still just the first few weeks. In terms of absolute volume of patients making it through the eligibility screen and the PA criteria, and gaining treatment through a paid prescription claim, we're very pleased with the volume so far. Whether or not that is durable and sustainable is yet to be seen. We'll be monitoring that as we continue and progress. We will be focused on gaining our fair share of the prescriptions as well as we move forward.

Speaker #3: But in terms of absolute volume of patients making it through the eligibility screen and the PA criteria, and gaining treatment through a paid prescription claim, we're very pleased with the volume.

Speaker #3: So far, whether or not that is durable and sustainable is yet to be seen. We'll be monitoring that as we continue and progress, and we will be focused on gaining our fair share of the prescriptions as well as we move forward.

Speaker #1: Thank you, Jamie. Thanks, Pete. And next question, please.

Michael Novod: Thank you, Jamey. Thanks, Pete. Next question, please.

Speaker #4: Thank you. And our next question comes from the line of Matthew Westin from UBS. Please go ahead, your line is open.

Operator: Thank you. Our next question comes from the line of Matthew Weston from UBS. Please go ahead. Your line is open.

Speaker #2: Thank you. Two questions, please. The first for Martin. Cagrilintide is a critical next-gen pipeline driver. I think one of the key observations at ADA for many was that Novo maybe hasn't got the titration right yet to get the optimal balance of efficacy and tolerability.

Matthew Weston: Thank you. Two questions, please. The first for Martin. zenagamtide is a critical next-gen pipeline driver. I think one of the key observations at ADA for many was that Novo maybe hasn't got the titration right yet to get the optimal balance of efficacy and tolerability. You're still moving forward into phase III at pace. Given the challenges we all experienced around CagriSema, what assurances can you give investors that Novo will get dosing right? Will investors see data prior to the full phase III readout to reassure us that that's the case? Secondly, for Jamie, I guess ultimately, is it the right time to lower the price for higher doses of oral Wegovy? There's a big gap between 149 and 299 for the lower 2 and higher 2 doses. Momentum seems to be stalling.

Speaker #2: But you're still moving forward into phase three at pace. So, given the challenges we all experienced around Kakrizima, what assurances can you give investors that Novo will get dosing right?

Speaker #2: And will we see, will investors see, data prior to the full Phase 3 readout to reassure us that that's the case? And then secondly, for Jamie, I guess ultimately, is it the right time to lower the price for higher doses of oral Wegovy?

Speaker #2: There's a big gap between 149 and 299 for the lower two and higher two doses. Momentum seems to be stalling. What can you do about it?

Matthew Weston: What can you do about it?

Speaker #1: Thank you, Matthew. First question from Martin on ZENAGAMTIDE, and the second question for Jamie.

Michael Novod: Thank you, Matthew. First question for Martin on zenagamtide, the second question for Jamie.

Speaker #5: Yeah. Thank you, Matthew. So first and foremost, we've learned a lot from CagriSema. This is a combination of GLP-1 and amylin agonism. And everything that we've learned from CagriSema we've obviously, as we've previously discussed, put into the REDEFINE 11 trial, which is where we really test the way that we titrate and the way that we dose this biology.

Martin Holst Lange: Yeah. Thank you, Matthew. First and foremost, we've learned a lot from CagriSema. This is a combination of GLP-1 and amylin agonism. Everything that we've learned from CagriSema, we've obviously, as we previously discussed, put into the REDEFINE 11 trial, which is where we really test the way that we titrate it and the way that we dose this biology. We have, in addition to what we did in the early zenagamtide studies, not only employed all of our learnings from CagriSema, we've also added an extra titration step, which is why we, from a modeling perspective, feel quite confident that we'll see a safety and tolerability profile in line with what we've seen with, for example, CagriSema.

Speaker #5: And we have, in addition to what we did in the early ZENAGAM tide studies, not only employed all of our learnings from Kakrizima, we've also added an extra titration step, which is why we, from a modeling perspective, feel quite confident that we'll see a safety and tolerability profile in line with what we've seen with, for example, Kakrizima.

Speaker #5: And I'll just remind you that in redefined 1, the CagriSema tolerability profile was comparable to that of Wegovy, so a quite attractive tolerability profile.

Martin Holst Lange: I'll just remind you that in REDEFINE 1, the CagriSema tolerability profile was comparable to that of Wegovy. A quite attractive tolerability profile. Of course, I cannot issue assurances. We have to do the data generation, and we'll have to see the phase III results. Based on what we can see at this point, both from CagriSema from our phase I/II trials, and what we've done, we do expect to see a quite attractive tolerability profile, combined with that efficacy profile that we also discussed before. I'll just remind you, we'll not only have that as a subcutaneous injection, we will also have that as an oral offering. Meaning that will take a further step up, in terms of efficacy when it comes to oral treatment, without hopefully compromising on safety and tolerability.

Speaker #5: Of course, I cannot issue assurances. We had to do the data generation, and we'll have to see the phase 3 results, but based on what we can see at this point, both from Kagrezima from our phase 1/2 trials and what we've done, we do expect to see quite an attractive tolerability profile combined with that efficacy profile that we also discussed before.

Speaker #5: And then I'll just remind you, we'll not only have that as a subcutaneous injection, we will also have that as an oral offering—meaning that we'll take a further step up in terms of efficacy when it comes to oral treatment, without hopefully compromising on safety and tolerability.

Speaker #1: Thank you, Martin. And Jamie, on Wegovy pill pricing.

Michael Novod: Thank you, Martin. Jamey, on the Wegovy pill pricing?

Speaker #3: Yeah. Couple comments on the titration dynamics that we see. So we do see steady movement to the higher doses of oral Wegovy. We have roughly 30% of prescriptions at the 9 mg and 25 mg strengths currently.

Jamey Millar: Yeah. A couple comments on the titration dynamics that we see. We do see steady movement to the higher doses of oral Wegovy. We have roughly 30% of prescriptions at the 9 and 25 milligram strength currently. Our preference would be to address consumer concerns about escalating prices as the product is titrated with the subscription model that we introduced just a couple of months ago. We've had good uptake of that. We have 30,000 patients enrolled in the subscription model, 20,000 of them specifically Wegovy pill patients. That's continuing to grow. We'll continue to use what I'll call more of a targeted surgical solution to that than a universal wholesale change to pricing. Hopefully that answers your question.

Speaker #3: Our preference would be to address consumer concerns about escalating prices as the product is titrated, with the subscription model that we introduced just a couple of months ago.

Speaker #3: We've had good uptake of that. We have 30,000 patients enrolled in the subscription model, 20,000 of them specifically Wegovy pill patients. And that's continuing to grow.

Speaker #3: We'll continue to use what I'll call more of a targeted, surgical solution to that than a universal, wholesale change to pricing. So, hopefully that answers your question.

Speaker #1: Thank you, Jamie. And thank you, Matthew. Next question, please.

Michael Novod: Thank you, Jamey. Thank you, Matthew. Next question, please.

Speaker #4: Thank you. Our next question comes from the line of Graham Parry from Citi. Please go ahead, your line is open.

Operator: Thank you. Our next question comes from the line of Graham Parry from Citi. Please go ahead. Your line is open.

Speaker #2: Great, thanks, Jamie. Questions—so, just on the rebase adjustments, could you quantify where they sit across the portfolio, particularly Ozempic? And I think on Ozempic US price/mix outlook, you'd previously been saying around a 10% to 15% decline.

Graham Parry: Great. Thanks for the questions. Just on the rebase adjustments, could you quantify where they sit across the portfolio, particularly Ozempic? I think on Ozempic US price mix outlook, you'd previously been saying around 10% to 15% decline. On an underlying basis, was that what you would've been seeing, and is that what we should be thinking for the remainder of the year? Then as you look into 2027, how do you think the IRA maximum fair price would impact on that sort of trend on pricing? On US injectable Wegovy, you said there wasn't a shift in pricing dynamic between Q1 to Q2. If you look at the gap between prescription growth and price, you had a -57%, up from about 40% in Q1. Is that just the cash pay mix that you're seeing?

Speaker #2: So, on an underlying basis, was that what you would have been seeing, and is that what we should be thinking for the remainder of the year?

Speaker #2: And then, as you look into 2027, how do you think the IRA maximum fair price would impact that sort of trend on pricing?

Speaker #2: And then on US injectable Wegovy, you said there wasn't a shift in pricing dynamic between Q1 and Q2. But if you look at the gap between prescription growth and price, you had a negative price-mix effect of about 57%, up from about 40% in Q1.

Speaker #2: So, is that just the cash pay mix that you're seeing, or is there more pressure on commercial contracts? Thank you.

Graham Parry: Is there more pressure on commercial contracts? Thank you.

Speaker #1: Thank you very much. So, first question on Ozempic: rebates or pricing volume. To Jamie.

Michael Novod: Thank you very much. First question on Ozempic, rebates or pricing volume, to Jamey.

Speaker #5: Yeah. In terms of the gross to net adjustments, the 2 billion DKK that we've highlighted, the strongest proportion of that is Ozempic. About three-quarters of the impact is Ozempic gross to net.

Jamey Millar: Yeah. In terms of the gross to net adjustments, the DKK 2 billion that we have highlighted, the strongest proportion of that is Ozempic. About three quarters of the impact is Ozempic gross to net, and then the balance is insulin. That is the dynamic there. In terms of Wegovy injectable, you are going to see quarter-to-quarter fluctuation in terms of the price volume dynamics, and I think the mix in terms of channel mix reimbursed versus self-pay, as Carsten mentioned, is also impacting that.

Speaker #5: And then the balance is insulin, so that's the dynamic there. In terms of Wegovy injectable, you're going to see quarter-to-quarter fluctuation in terms of the price-volume dynamics.

Speaker #5: And I think the mix, in terms of channel mix—reimbursed versus self-pay—as Karsten mentioned, is also impacting that.

Speaker #1: Great. Thank you very much, Jamie. Graham, next question, please.

Michael Novod: Great. Thank you very much, Jamey. Graham, next question, please.

Speaker #4: Thank you. And our next question comes from the line of Kerry Halford from Berenberg. Please go ahead, your line is open.

Operator: Thank you. Our next question comes from the line of Kerry Holford from Berenberg. Please go ahead. Your line is open.

Speaker #6: Oh, thank you for taking my questions. Sticking to the theme of channel mix, Karsten, I think you said around 35% of that injectable Wegovy demand is now via the cash channel.

Kerry Holford: Oh, thank you for taking my questions. Taking on the theme of channel mix, Carsten, I think you said around 35% of that injectable Wegovy demand is now by the cash channel. What proportion of that cash channel demand is ultimately eligible for Medicare bridge? What degree of transfer do you expect in H2 of the year and beyond? Effectively, what kind of price impact should we anticipate as a result of that transition? Then on the pill, it would seem that the demand for some of the lower doses is starting to slow in terms of growth. Just interested in your thoughts on whether this may be a sign that seasonality is going to play a role in the demand of obesity pills. Could you just confirm what the current IQVIA capture rate is for the pill? Thank you.

Speaker #6: What proportion of that cash channel demand is ultimately eligible for Medicare Bridge? And what degree of transfer do you expect in the second half of the year and beyond?

Speaker #6: And, effectively, what kind of price impact should we anticipate as a result of that transition? And then, on the pill, it would seem that the demand for some of the lower doses is starting to slow in terms of growth.

Speaker #6: I'm just interested in your thoughts on whether this may be a sign that seasonality is going to play a role in the demand for obesity pills.

Speaker #6: And could you just confirm what the current IQVIA capture rate is for the pill? Thank you.

Speaker #1: Thank you, Kerry. Two questions for Jamie: one on Wegovy, the self-pay injectable, and then also on the Wegovy pill.

Michael Novod: Thank you, Kerry. Two questions for Jamey. One on Wegovy self-pay injectable and then also on Wegovy pill.

Speaker #3: Yeah. Thanks, Kerry, for the questions. We see a small minority population of 65-plus in our self-pay environment today. And obviously, we would encourage them to participate in the Bridge, given the affordability benefit there of the $50 out-of-pocket copay.

Jamey Millar: Yeah. Thanks, Kerry, for the questions. We see a small population, minority population of 65+ in our self-pay environment today. Obviously, we would encourage them to participate in the bridge, given the affordability benefit there of the $50 out-of-pocket copay. It's the vast minority of our self-pay business. In terms of low dose, 1.5 mg start, what we do see is many patients start on the 4 mg strength. Considering new patient starts, we are increasingly looking at both of the low doses to calculate that

Speaker #3: But it's the vast minority of our self-pay business. And in terms of low dose, 1.5 milligram start, what we do see is many patients start on the 4 milligram strength.

Speaker #3: So, considering new patient starts, we are increasingly looking at both of the low doses. To calculate that, we don't see—and there isn't—scientific or epidemiology-based seasonality in this disease state, like there is in some others.

Jamey Millar: We don't see, there isn't scientific or epidemiology-based seasonality in this disease state like there is in some others. What there is is behavioral motivation that waxes and wanes through the year. Obviously, it heightens at the beginning of the year, concurrent with New Year's resolutions, et cetera. We can induce motivation through promotional activity, and we will have a heightened presence in the back half of the year here. Bridge in and of itself is creating activation of patients to buck what ordinarily might be a calendarized view of as you say.

Speaker #3: What there is, is behavioral motivation that waxes and wanes throughout the year. Obviously, it heightens at the beginning of the year, concurrent with New Year's resolutions, etc.

Speaker #3: But we can induce motivation through promotional activity, and we will have a heightened presence in the back half of the year here—and bridge in and of itself.

Speaker #3: It's creating activation of patients to buck what ordinarily might be a calendarized view of— as you say.

Speaker #1: Thanks, Jamie. Thanks, Kerry. Next, please.

Michael Novod: Thanks, Jamey. Thanks, Kerry. Next, please.

Speaker #4: Our final question comes from the line of James Gordon from Barclays. Please go ahead, your line is open.

Operator: Our final question comes from the line of James Gordon from Barclays. Please go ahead. Your line is open.

Speaker #7: Hello. James Gordon from Barclays. Thanks for taking the questions. Two questions, please. There's something to link. One was M&A, which was beyond deal size—which you addressed.

James Gordon: Hello, James Gordon from Barclays. Thanks for taking the questions. Two questions, please. Sort of interlinked. One was M&A, which was beyond deal size, which you addressed. What are you looking for in terms of deals? I think there were some comments distributed a few weeks ago about maybe interest in things like aesthetics and the more consumer side. How do you think about that versus more physician-led pharma deal making? Is the focus that you definitely want to do obesity? Within obesity, where are you now seeing the biggest unmet need in obesity, given all the things you've already got in the pipeline? Linked to that in terms of R&D, some setbacks, and is that partly just because you're operating in tough areas, like you're having to build on what's already good therapies?

Speaker #7: But what are you looking for in terms of deals? I think there were some comments attributed a few weeks ago about maybe interest in things like aesthetics and the more consumer side.

Speaker #7: So how do you think about that versus more physician-led pharma dealmaking? And is the focus that you definitely want to do obesity, and within obesity, where are you now seeing the biggest unmet needs, given all the things you've already got in the pipeline?

Speaker #7: And sort of linked to that in terms of R&D, so some setbacks—is that partly just because you're operating in tough areas, like you're having to build on what's already good therapies?

Speaker #7: So does that change at all how you think about R&D, what the risk is, and other areas that are higher risk now because there are good drugs out there? And would you maybe want to change how you think about where you want to be doing trials?

James Gordon: Does that change at all how you think about R&D, what the risk is, and are there areas that are higher risk now because there's good drugs out there, and you maybe want to change about how you thought about where you want to be doing trials?

Speaker #1: Thank you very much. First question for Mike on BD and focus areas, and then the second one to Martin on R&D.

Michael Novod: Thank you very much. First question for Mike on BD and focus areas, and then the second one to Martin on R&D.

Speaker #2: So James, when we look at obesity, unlike many of our peers, we see this as not a single disease but multiple conditions, with a billion people suffering from it differently and needing different solutions.

Maziar Mike Doustdar: James, when we look at obesity, unlike many of our peers, we see this as not a single disease, but multiple conditions with 1 billion people suffering from it differently and needing different solutions. We start thinking about the patients and then the solutions that we currently actually are building. First, we segment the population into injectable versus orals. Actually, we are more and more ourselves getting surprised how many people are after a pill rather than an injection, frankly speaking. None of us probably know, but we can start guessing by the end of the decade what portion of this business is going to be on injectable and on a pill. We want to make sure that we have both and we are covered on both of these fronts.

Speaker #2: So, we start thinking about the patients and then the solutions that we are currently actually building. First, we segment the population into injectables versus orals.

Speaker #2: Actually, we are more and more ourselves getting surprised how many people are after a pill rather than an injection, frankly speaking. And none of us probably know, but we can start guessing by the end of the decade what portion of this business is going to be on injectable and on a pill.

Speaker #2: We want to make sure that we have both, and that we are covered on both of these fronts. Then, we are seeing more and more, of course, that some of the biology that was predominantly used to reduce weight has other benefits.

Maziar Mike Doustdar: We are seeing more and more, of course, some of the biologies that predominantly was used to reduce weight has other benefits. We have seen this with our own semaglutide, and we are seeing it, of course, with a number of other biologies that are coming into this business. Martin just alluded to amylin, but of course, we are seeing it also with GIP and glucagon. Within that, we are seeing which one of those therapy areas or areas basically are closer to us and we understand something from the area scientifically, but also perhaps, are we able to manufacture it in the same way as we are doing it historically and on the commercialization the same.

Speaker #2: We have seen this with our own semaglutide, and we are seeing it, of course, with a number of other biologics that are coming into this business.

Speaker #2: Martin just alluded to Amilen, but of course, we are seeing it also with GIP and glucagon. Within that, we are seeing which one of those therapy areas, or areas basically, are closer to us and where we understand something from the area scientifically, but also perhaps whether we are able to manufacture it in the same way as we have done historically, and on the commercialization side, the same.

Speaker #2: That will pivot us, probably, to the left and right-hand side of where we are, and we will, of course, elaborate on a lot of this more during our Capital Markets Day.

Maziar Mike Doustdar: That will pivot us probably to left and right-hand side of where we are, and we will, of course, elaborate a lot of this more during our Capital Markets Day, as we have touched upon. In that search, we look around already today to see who else is active and what is out there to bolt on from a business development point of view, in addition to what we are doing. That's all I can share with you until now.

Speaker #2: As we have touched upon, in that search we then look around already today to see who else is active and what is out there to bolt on from a business development point of view, in addition to what we're doing.

Speaker #2: So that's all I can share with you until now.

Speaker #1: Thank you, Mike. Martin, any comments?

Michael Novod: Thank you, Mike. Martin, any comments?

Speaker #3: Yeah. So, in general, obviously there's risk in doing R&D and drug development. I'll just remind you that a couple of months ago, we announced its multi-med Phase 3 data.

Martin Holst Lange: Yeah. In general, obviously, there is risk in doing R&D and drug development. I will just remind you that a couple of months ago, we announced its Alhemo phase III data. These were among the most groundbreaking in single disease that we have seen for many years, and we are aiming for regulatory submission of that very soon. There is success. We have all along called out that semaglutide was high risk. There was a question on the correlation between the biomarkers and the actual outcomes, and that was the leap of faith that had to be tested. We have communicated at EWS of around 50% or less because we acknowledge the risk. As a general observation, we have a pipeline with disease areas and modalities where we actually can generate a lot of value, but with reasonably low risk.

Speaker #3: These were among the most groundbreaking in sickle cell disease that we've seen for many years, and we're aiming for regulatory submission of that very, very soon.

Speaker #3: So there's success. We've all along called out that, since Vicumab was high risk, there was a question on the correlation between the biomarkers and the actual outcomes, and that was the leap of faith that had to be tested.

Speaker #3: We've communicated at PoS of around 50% or less because we acknowledge the risk. As a general observation, we have a pipeline with disease areas and modalities where we actually can generate a lot of value, but with reasonably low risk.

Speaker #3: But we also have disease areas and new modes of action where there is an inferred higher risk. And by understanding the disease areas, the pathophysiology, the biology, and the pharmacology, of course, we can improve the risk profile.

Martin Holst Lange: We also have disease areas and new mode of actions where there is an inferred higher risk. By understanding the disease areas, the pathophysiology, the biology, and the pharmacology, of course, we can improve the risk profile. It is actually a good place to be to have that balance between high value, reasonably low risk portfolio projects, but also higher risk but equally higher value projects. In that way, we see both successes and obviously we have to acknowledge there will be some attrition also.

Speaker #3: But it's actually a good place to be to have that balance between high value reasonably low risk portfolio projects, but also higher risk, but equally higher value projects.

Speaker #3: see both successes and, obviously, we had to acknowledge there will be some in that attrition also.

Speaker #1: Thank you, Martin. Thank you, James. This concludes the Q&A session. Thank you for participating, and please feel free to contact Investor Relations regarding any follow-up questions you might have.

Michael Novod: Thank you, Martin. Thank you, James. This concludes the Q&A session. Thank you for participating and please feel free to contact investor relations regarding any follow-up questions you might have. Thank you very much for dialing in.

Speaker #1: Thank you very much for dialing in.

Speaker #4: This concludes today's conference call. Thank you for participating. You may now disconnect. Speakers please turn

Operator: This concludes today's conference call. Thank you for participating. You may now disconnect. Speakers, please stand by.

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