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    Callum Morris • Berenberg

    Callum Morris's questions to Novo Nordisk A/S (NVO) leadership

    Callum Morris's questions to Novo Nordisk A/S (NVO) leadership • Q2 2025

    Question

    Callum Morris of Berenberg asked about the lower-than-expected penetration of Wegovy in the cash channel, questioning the role of price competition with Lilly and whether Ozempic might enter this channel at a lower price point.

    Answer

    David Moore, EVP of US Operations, acknowledged Lilly's head start but affirmed Novo Nordisk's intent to expand in the cash channel through partners. He stated that they compete well on price with Lilly and would not want a meaningful price difference between Ozempic and Wegovy if Ozempic were to enter the cash channel.

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    Callum Morris's questions to Novo Nordisk A/S (NVO) leadership • Q2 2025

    Question

    Callum Morris from Berenberg asked how much price competition with Lilly contributed to Wegovy's lower-than-expected penetration in the U.S. cash channel, and whether Ozempic might enter that channel at a lower price point.

    Answer

    David Moore (EVP - US Operations) acknowledged Lilly's head start but stated Novo will expand its cash channel efforts and believes it competes well on price. While not commenting on specific Ozempic pricing, he indicated the company would not want prices for Ozempic and Wegovy to be 'meaningfully different' in the obesity market.

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