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    Yihan Li • Barclays

    Yihan Li's questions to Novo Nordisk A/S (NVO) leadership

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

    Question

    Yihan Li of Barclays asked about Novo Nordisk's confidence in its estimate of the compounding market size and questioned how much of the revised guidance was attributable to the persistence of this illicit market.

    Answer

    David Moore, EVP of US Operations, confirmed their estimate of the compounding market is around 30% of the total, or one million patients, based on market research. Karsten Knudsen, EVP & CFO, clarified that the revised guidance for the year does not include any potential upside from a reduction in compounding, as any positive impact would likely be delayed into 2026 and beyond.

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

    Question

    Yihan Li from Barclays asked for Novo Nordisk's confidence in its estimate of the U.S. compounding market size and how much the persistence of this market contributed to the company's revised full-year guidance.

    Answer

    David Moore (EVP - US Operations) stated the company's triangulation of research still points to the compounding market being around 30% of the total market, or one million patients. Karsten Knudsen (CFO) clarified that the revised guidance does not include any potential upside from a reduction in compounding, as any positive impact would be a delayed effect felt in 2026 and beyond.

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