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    Harry Sephton • UBS

    Harry Sephton's questions to Novo Nordisk A/S (NVO) leadership

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

    Question

    Harry Sephton of UBS Group asked about future capacity utilization given the Catalent ramp-up and recent sales disappointment, and whether this could lead to more aggressive pricing. He also later asked if FDA leadership changes were delaying action on the compounding issue.

    Answer

    Karsten Knudsen, EVP & CFO, confirmed all three Catalent sites are producing Wegovy and that the company will defend its volumes and market space. Regarding the FDA, David Moore, EVP of US Operations, stated that while he always wants faster action, he has not seen a noticeable disruption and highlighted strong support from Congress urging the FDA to act.

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

    Question

    Harry Sephton from UBS Group asked about future capacity utilization and the potential for more aggressive pricing given increased supply from Catalent. He also questioned if recent leadership flux at the FDA was delaying action on the compounding situation.

    Answer

    Karsten Knudsen (CFO) confirmed all three Catalent sites are producing Wegovy and that the company will defend its volumes and market space. Regarding the FDA, David Moore (EVP - US Operations) stated that while he always wants faster action, he has not seen a noticeable disruption and dialogue remains productive, supported by congressional pressure.

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    Harry Sephton's questions to Novartis AG (NVS) leadership

    Harry Sephton's questions to Novartis AG (NVS) leadership • Q2 2025

    Question

    Harry Sephton from UBS asked how the pharmaceutical industry could achieve higher prices in ex-US markets and whether this could lead to fewer product launches in some countries. He also asked about the expected Q3 growth acceleration for Pluvicto and if the average doses per patient might increase.

    Answer

    CEO Vasant Narasimhan outlined a strategy involving trade negotiations and policy changes to end clawbacks to improve ex-US pricing. He acknowledged this could lead to not launching in some public markets. For Pluvicto, he expects continued steady acceleration in H2 2025 and noted a positive trend towards patients receiving more doses in earlier treatment settings.

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