Harry Sephton

Harry Sephton asked about the sustainability of Wegovy pill demand, seeking evidence from Rybelsus experience on therapy stay time variations compared to injectables, and how demand might be affected by the competitor Orforglipron launch. He also inquired about the gross margin contribution of the Wegovy pill compared to the injectable, given its lower price point and higher API demand.

Answer

Maziar Doustdar (CEO, Novo Nordisk) emphasized that the Wegovy pill launch was 'all in' with extensive promotion and partnerships, leading to strong uptake. He believes sustainability will be driven by the pill's superior weight loss efficacy (16.6% vs. competitor's 12.4%), which patients prioritize. Karsten Munk Knudsen (CFO, Novo Nordisk) stated that the gross margin for the Wegovy pill is lower than the injectable but remains attractive, with the overarching goal to expand markets rather than cannibalize.

Harry Sephton asked about the sustainability of Wegovy pill demand, drawing comparisons to Rybelsus's stay time on therapy versus injectables, and the anticipated impact of competitor orforglipron's launch. He also questioned the gross margin contribution of the Wegovy pill compared to the injectable, given its lower price point and higher API demand.

Answer

CEO Maziar Doustdar attributed the strong Wegovy pill launch to extensive promotional activities and its superior weight loss efficacy (16.6% vs. competitor's 12.4%), expressing optimism for sustained demand despite competition. CFO Karsten Munk Knudsen stated that the Wegovy pill's gross margin is below that of the injectable Wegovy but remains attractive, emphasizing the goal of market expansion over cannibalization.

Harry Sephton asked how Novo Nordisk expects to maintain segmented pricing across different channels (Medicare, Medicaid, commercial, cash) given IRA direct negotiation discounts and potential obesity Medicare coverage, or if prices would gradually trend towards the lowest level. He also inquired about levers to improve access and commercial insurance coverage for Wegovy and Ozempic in 2026, and whether most 2026 US growth would come from the Wegovy Pill launch.

Answer

EVP of US Operations, Dave Moore, stated that while specific IRA/MFN details cannot be discussed, Novo Nordisk has historically maintained different prices across channels (Medicaid, Medicare, commercial, cash) and cannot speculate on future trends. He emphasized that improving access and commercial insurance coverage remains a clear priority, with continued investment in cash offerings and payer engagement to reduce utilization management and prior authorization criteria. He noted that significant changes in commercial access are not expected in 2026, but some Medicaid coverage loss is possible, while the CVS opportunity for Wegovy as an exclusive branded AOM remains.

Harry Sephton asked how Novo Nordisk expects to maintain segmented pricing across different channels (Medicare, Medicaid, commercial, cash) given IRA direct negotiation discounts and potential Medicare obesity coverage, or if prices will gradually trend towards the lowest level. He also inquired about levers to improve access and commercial insurance coverage for Wegovy and Ozempic in 2026, and whether the majority of 2026 US growth will come from the Wegovy Pill launch.

Answer

EVP of US Operations Dave Moore stated that while he couldn't discuss IRA specifics, Novo Nordisk has historically maintained different prices across channels and access. He noted that improving access and commercial insurance coverage remains a clear priority, with continued investment in both cash offerings and payer discussions to reduce utilization management and prior authorization criteria. He does not expect significant changes in commercial access for 2026, but acknowledged potential Medicaid coverage losses due to budget constraints. He also highlighted the continued CVS opportunity for Wegovy.

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.

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.

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.