Richard Foster

Richard Foster asked about Novo Nordisk's increased telehealth involvement, particularly in the US, given past challenges with compounders and whether there's increased pressure from the FDA or legal avenues to remove compounders. He also inquired about how pricing strategies, such as increased rebates or pricing, would evolve in 2026 if Medicaid and commercial payer coverage for obesity medicines worsens or barriers remain high.

Answer

President and CEO, Novo Nordisk, Mike Doustdar, confirmed no increased pressure on compounders but reiterated concerns about illicit, non-FDA-approved APIs. He stated that telehealth and the cash channel are attractive ways to increase access, with ongoing dialogues and partnerships (Costco, emed, Walmart) to expand the market. EVP of US Operations, Dave Moore, noted continued pricing pressure in GLP-1 and obesity as the company seeks to unlock more volumes. He emphasized that improving the quality of access (lower utilization management, less prior authorization) is a clear priority for 2026, and while commercial access is not expected to change significantly, some Medicaid coverage loss is possible. He also highlighted the continued CVS opportunity for Wegovy.

Richard Foster asked about Novo Nordisk's increased telehealth involvement, particularly in the US, given past challenges with arrangements like HIMSS due to compounding, and whether there's increased pressure from the FDA or legal avenues to remove compounders. He also questioned how Novo Nordisk views pricing strategy for 2026, considering potentially worsening coverage in Medicaid and commercial payers, and whether increased rebates or pricing would be used to remove reimbursement barriers.

Answer

President and CEO Mike Doustdar stated there's no increased pressure on compounding but reiterated concerns about illicit API from China and the safety of non-FDA approved compounded products. He emphasized increasing access through the cash channel and e-health, with ongoing dialogues for partnerships beyond Costco, emed, and Walmart. EVP of US Operations Dave Moore noted continued pricing pressure in GLP-1 and obesity, reiterating that improving the quality of access (lower utilization management, less prior authorization) is a clear priority for discussions with payers in 2026. He does not expect significant changes in commercial access but anticipates some Medicaid losses.

Richard Foster asked about any impact of the Ocrevus subcutaneous launch on Cosentyx in the U.S. and requested details on a new Cosentyx formulation, including treatment interval, BLA status, and potential biosimilar protection.

Answer

CEO Vasant Narasimhan stated that Novartis has not seen an impact from the Ocrevus sub-Q launch on Cosentyx, which is holding share in a growing MS market. He noted that the B-cell class continues to expand, benefiting Cosentyx's volume-driven growth. Regarding lifecycle management, he confirmed progress on a Q2 month formulation trial and exploration of other longer-interval options, but deemed it premature to comment on BLA or biosimilar protection at this point.

Richard Foster asked about any impact of the Ocrevus subcutaneous launch on Cosentyx in the U.S. and sought details on Cosentyx's new formulation, including treatment interval and its potential to protect against biosimilars.

Answer

Vasant Narasimhan, CEO of Novartis, stated that no impact from the Ocrevus sub-Q launch on Cosentyx has been observed, with Cosentyx holding share in a growing MS market driven by volume. He mentioned advancing a Q2 month formulation and exploring other longer-interval options with novel technologies, but deemed it premature to comment on biosimilar protection at this point.