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Carsten Lomberg Madsen

Research Analyst at Danske Bank

Carsten Lomberg Madsen is an Equity Analyst at Danske Bank specializing in coverage of major Nordic healthcare and pharmaceutical companies, including Novo Nordisk and other leading sector names. Known for his rigorous analysis and active participation in high-profile earnings calls, Madsen has built a track record of providing critical insights into market developments and trends, with a focus on diabetes, obesity, and rare disease markets. He began his analyst career in the Nordic financial sector before joining Danske Bank, where he currently contributes to the bank’s high-performing equity research team and is recognized for his expertise within the healthcare sector. Madsen's professional profile is supported by strong analytical credentials and active engagement with investor communications at top Nordic companies.

Carsten Lomberg Madsen's questions to NOVO NORDISK A S (NVO) leadership

Question · Q3 2025

Carsten Lomberg Madsen asked about Novo Nordisk's strategy to address the 9 percentage point global GLP-1 market share loss over the past 12 months, including the impact of Q3 US pricing. He also inquired about the company's capital planning, capital allocation framework, and the importance of the dividend payout ratio given significant cash outflows from recent and planned acquisitions like Akero and Medcera, alongside CapEx.

Answer

President and CEO, Novo Nordisk, Mike Doustdar, acknowledged the market share loss but emphasized focusing the company's strategy on diabetes and obesity for huge expansion potential, expanding the pipeline through internal R&D and acquisitions, controlling costs, and investing in market expansion through new products like the Wegovy Pill and commercial partnerships (Costco, Walmart, GoodRx). Chief Financial Officer, Karsten Munk Knudsen, reiterated Novo Nordisk's consistent capital allocation framework: invest in the business, pay consistent dividends, pursue M&A for pipeline additions, and then consider share buybacks, confirming no intention to change the dividend approach.

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Question · Q3 2025

Carsten Lomberg Madsen asked about Novo Nordisk's significant 9 percentage point global market share loss in the combined obesity and diabetes GLP-1 market over the past 12 months, inquiring about strategic initiatives to reverse this trend and the impact of Q3 US pricing. He also questioned the company's capital planning and allocation, particularly the importance of the dividend payout ratio given substantial cash outflows from planned acquisitions like Akero and Medcera, alongside CapEx.

Answer

President and CEO Mike Doustdar acknowledged the market share loss but emphasized focusing the company's strategy on diabetes and obesity, expanding the pipeline through internal efforts and acquisitions, and controlling costs to invest in market expansion. He highlighted new product launches like the Wegovy Pill and commercial partnerships (Costco, Walmart, GoodRx) as key to reaching millions of untreated patients. CFO Karsten Knudsen reiterated Novo Nordisk's consistent capital allocation framework: investing in the business, paying dividends, pursuing M&A, and then share buybacks, confirming no intention to change the consistent dividend approach.

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