Martin Parkhoi

Martin Parkhøi questioned Novo Nordisk's significant GLP-1 market share loss in International Operations (IO), dropping from 80% to 50% in two years, contrasting it with Lilly's rapid gains. He asked if this was due to commercial execution in IO or product superiority. He also inquired about the device strategy, specifically the setback with Wegovy FlexStart in the US, and plans for 2026, including the relevance of vials and other devices.

Answer

President and CEO, Novo Nordisk, Mike Doustdar, explained that IO market share dynamics vary by region, with gains in some markets (e.g., UK) and losses in others (e.g., China due to online sales restrictions for Wegovy). He noted that losing market share was anticipated as competitors entered and that Novo Nordisk still has a patient base more than twice that of its competitor in IO, remaining optimistic about long-term volume potential. EVP of US Operations, Dave Moore, acknowledged the CRL for Wegovy FlexTouch and stated that Novo Nordisk is exploring other presentations for 2024, including vials and other devices, to offer more optionality, especially in the cash channel. He confirmed active dialogue with the FDA regarding FlexTouch.

Martin Parkhøi questioned Novo Nordisk's significant market share loss in International Operations (IO) GLP-1 sales, dropping from 80% to 50% in two years, asking what Lilly has done right to 'sprint' ahead and whether this is due to commercial execution or product superiority. He also asked about the company's device strategy, specifically the setback with Wegovy FlexStart in the US, and plans for 2026 including vials and other devices.

Answer

President and CEO Mike Doustdar explained that IO market dynamics vary, with Novo Nordisk competing well in some markets and losing share in others, citing China's online battle and European market gains as examples. He emphasized the long-term volume potential despite anticipated market share adjustments due to competition. EVP of US Operations Dave Moore acknowledged the CRL setback for Wegovy FlexTouch and stated that Novo Nordisk is exploring other presentations for 2024, including vials and new devices, to offer more optionality, especially in the cash channel, while actively dialoguing with the FDA on FlexTouch.

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.

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.

Inquired about the impact of the delayed Enterprise market recovery on long-term targets, potential market share gains in managed care, and the timeline for VA negotiations.

Answer

The delayed Enterprise recovery doesn't significantly alter the long-term outlook. Market share gains in managed care are part of broad-based growth rather than a specific competitor event. The key VA decision has been postponed from November to May.

Inquired about the company's position in U.S. managed care for hearing aids and whether the Enterprise business could return to double-digit growth post-stabilization.

Answer

GN considers managed care an important market segment where it can operate a healthy business despite price pressures, and it is too early to assess the impact of competitor moves. The long-term growth potential of the Enterprise business will be discussed at the upcoming Capital Markets Day.