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    Martin Parkhoi • SEB

    Martin Parkhoi's questions to Novo Nordisk A/S (NVO) leadership

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

    Question

    Martin Parkhøi of SEB inquired about the long-term outlook for capital expenditures and when they might normalize, and also asked about the launch plan for oral Wegovy, specifically its potential immediate availability in the cash channel.

    Answer

    CFO Karsten Knudsen stated that CapEx is near its peak and will gradually decline towards a historical maintenance level of ~5% of sales. EVP David Moore confirmed the oral Wegovy launch will happen as close to approval as possible and that having a cash channel option from the start is an important part of their long-term strategy.

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    Martin Parkhoi's questions to Novo Nordisk A/S (NVO) leadership • Q1 2025

    Question

    Martin Parkhoi asked if the exclusive CVS formulary placement for Wegovy contradicts Novo's stated preference for patient optionality and inquired about the market size potential for an oral version of Wegovy versus the injectable.

    Answer

    CEO Lars Fruergaard Jørgensen clarified that the exclusive formulary was CVS's decision, not one sought by Novo, but that it reflects Wegovy's strong value proposition. He positioned the oral GLP-1 market as a smaller segment than injectables but one where Novo can compete effectively with oral semaglutide, leveraging its first-to-market potential and established safety profile.

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