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    Richard Vosser • JPMorgan Chase & Co.

    Richard Vosser's questions to Novo Nordisk A/S (NVO) leadership

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

    Question

    Richard Vosser of JPMorgan Chase & Co. asked about the evolution of patient 'stay time' on therapy globally and how it might differ across channels like oral. He also inquired what Novo Nordisk hopes to learn from the Phase II diabetes data for amicretin to inform Phase III design.

    Answer

    Ludovic Helfgott, EVP of Product & Portfolio Strategy, noted stay time is currently ~7 months for Wegovy and several years for Ozempic, but expects patterns to vary, making a single average less meaningful. Regarding amicretin, Martin Lange, EVP & Chief Scientific Officer, explained the Phase II data is crucial to understand the dose-response for glycemic control vs. weight loss and to determine if differentiated doses for diabetes and obesity are needed.

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

    Question

    Richard Vosser from JPMorgan Chase & Co. asked about the evolution of patient 'stay time' on therapy across different channels and products. He also inquired about what Novo hopes to learn from the Phase 2 diabetes data for amicretin to inform its Phase 3 trial design.

    Answer

    Ludovic Helfgott (EVP - Product & Portfolio Strategy) noted stay time varies, with initiatives aimed at extending it by highlighting long-term benefits. For amicretin, Martin Lange (CSO) explained the Phase 2 data will help determine the optimal dose for diabetes, specifically whether it needs to be different from the obesity dose to balance glycemic control and weight loss.

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

    Question

    Richard Vosser from JPMorgan Chase & Co. asked about the pricing outlook for Wegovy and Ozempic for the second half of 2025 and into 2026, and the potential impact of the SURPASS-CVOT trial results on competitive dynamics.

    Answer

    CFO Karsten Knudsen indicated Wegovy price erosion would be more skewed to H2 2025 due to channel mix and access investments. EVP Martin Lange noted that SURPASS-CVOT data showed non-inferiority to dulaglutide, reinforcing that semaglutide's 26% CV risk reduction remains unsurpassed in the incretin class. EVP Ludovic Helfgott added this validates that not all GLP-1s are the same.

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

    Question

    Richard Vosser asked about the apparent conflict in partnering with telehealth companies that also offer compounded drugs and questioned the competitive landscape for Ozempic in International Operations (IO) against Mounjaro.

    Answer

    Dave Moore, EVP of U.S. Operations, clarified that Novo Nordisk does not support unlawful compounding and that telehealth partnerships are designed to provide patients access to authentic Wegovy. Maziar Doustdar, EVP of International Operations, stated that Novo Nordisk maintains a stable 64% volume market share for injectable GLP-1s in IO and is accelerating Wegovy launches as supply constraints ease.

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    Richard Vosser's questions to Novo Nordisk A/S (NVO) leadership • Q1 2024

    Question

    Richard Vosser asked about the anticipated impact of the Medicare Part D redesign in 2025 on the net pricing for Ozempic and Rybelsus.

    Answer

    Karsten Knudsen, Group's CFO, indicated that the situation remains uncertain as formulary negotiations are ongoing. He noted that the company's view on the redesign's financial impact has shifted from positive to 'broadly neutral.' The final effect on Novo Nordisk will depend on how plan sponsors react, but he stated the underlying competitive dynamics are unchanged.

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    Richard Vosser's questions to Sanofi SA (SNY) leadership

    Richard Vosser's questions to Sanofi SA (SNY) leadership • Q2 2025

    Question

    Richard Vosser of JPMorgan Chase & Co. asked about the trajectory of SG&A and R&D spending into 2026 and the resulting impact on margins. He also questioned the performance and growth outlook for Dupixent in China.

    Answer

    CFO François Roger explained that SG&A is growing at half the rate of sales, creating leverage, and expects absolute Business Operating Income (BOI) to increase in the coming years. He noted this will help absorb the end of the Regeneron R&D reimbursement. EVP & Head of Specialty Care Brian Foard added that Dupixent saw over 30% volume growth in China and will continue to expand as more indications gain access.

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    Richard Vosser's questions to Sanofi SA (SNY) leadership • Q1 2025

    Question

    Richard Vosser of JPMorgan Chase & Co. asked about amlitelimab's efficacy in asthma compared to Dupixent, its potential read-through to atopic dermatitis, and the scientific rationale for a novel combination of an oral anti-TNF with incretins.

    Answer

    Houman Ashrafian (EVP, Head of R&D) clarified that Sanofi is not making direct comparisons between amlitelimab and Dupixent, as the company remains fully committed to driving Dupixent's growth. He emphasized amlitelimab's compelling data in specific patient subgroups with high unmet needs and its convenient dosing schedule. Regarding the combination therapy, he noted that a substantial body of literature supports exploring metabolic pathways, like those involving incretins, in various inflammatory diseases.

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    Richard Vosser's questions to Sanofi SA (SNY) leadership • Q4 2024

    Question

    Richard Vosser of JPMorgan Chase & Co. asked about the confidence level in amlitelimab's efficacy with 12-week dosing in asthma and the implications of Dupixent's successful COPD launch on the opportunity for itepekimab.

    Answer

    Executive Houman Ashrafian expressed confidence that amlitelimab's efficacy will not drop off at 12 weeks, based on its pharmacodynamics. He and Executive Brian Foard explained that itepekimab targets a substantial former smoker population, complementing Dupixent and opening up the opportunity to reach over 80% of COPD patients, with a combined peak sales potential of over $5 billion.

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    Richard Vosser's questions to Novartis AG (NVS) leadership

    Richard Vosser's questions to Novartis AG (NVS) leadership • Q2 2025

    Question

    Richard Vosser of JPMorgan Chase & Co. questioned how the Inflation Reduction Act (IRA) and direct price negotiations could affect the long-term, mid-single-digit growth outlook for Cosentyx through 2029.

    Answer

    CEO Vasant Narasimhan confirmed that the potential impact of the IRA is already factored into the company's guidance. He noted that approximately 30% of Cosentyx sales are exposed to Medicare, an impact the company believes is manageable and consistent with its long-term forecast for the drug.

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    Richard Vosser's questions to Novartis AG (NVS) leadership • Q1 2025

    Question

    Richard Vosser questioned the dynamic for Scemblix, where strong prescription growth appeared to outpace revenue growth. He asked whether this was due to heavier rebating to gain first-line volume or if a revenue acceleration was expected later in the year.

    Answer

    CEO Vasant Narasimhan clarified that the discrepancy is likely an artifact of third-party data (IQVIA) versus the company's internal data. He stated that internal data shows TRx growth of 73%, which aligns closely with the 75% net sales growth. He attributed the difference to the product's specialty distribution channel and affirmed the focus is on accelerating first and second-line growth.

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    Richard Vosser's questions to Novartis AG (NVS) leadership • Q4 2024

    Question

    Richard Vosser noted that Kisqali's NBRx share in metastatic breast cancer has remained around 50% and asked what it would take to displace Ibrance further, questioning if the adjuvant launch provides a halo effect.

    Answer

    CEO Vasant Narasimhan acknowledged the share but highlighted that it began gaining last year after the positive early breast cancer (eBC) readout. He expressed hope that having a single medicine for both eBC and metastatic settings will help drive the NBRx share higher, toward a potential cap of 75-80%. However, he emphasized the main focus is maximizing the unique opportunity in node 0 and node 1 eBC patients.

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    Richard Vosser's questions to Novartis AG (NVS) leadership • Q2 2024

    Question

    Richard Vosser from JPMorgan Chase & Co. requested an update on the filing plans for pelabresib, asking what additional data is needed and what conversations are being held with regulators.

    Answer

    CEO Vasant Narasimhan stated that Novartis is awaiting 48-week follow-up data from the trial to get a stronger sense of pelabresib's overall profile. He mentioned that good discussions have occurred with both the FDA and EU regulators, and this upcoming data will clarify the specific requirements for filing in each region. He also noted the potential of the acquired EZH1/2 inhibitor to strengthen the prostate cancer portfolio.

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