Financial Data and Key Metrics Changes - In the first nine months of 2025, the company achieved 15% sales growth and 10% operating profit growth, with guidance narrowed to 8-11% for sales and 4-7% for operating profit due to expected lower growth in GLP-1 treatments for diabetes and obesity [7][35][38] - The gross margin decreased to 81.0% from 84.6% in 2024, primarily due to one-off restructuring costs and impairments [35] - Free cash flow for the first nine months of 2025 was DKK 63.9 billion, down from DKK 71.8 billion in the same period of 2024 [37] Business Line Data and Key Metrics Changes - GLP-1 sales in diabetes increased by 10%, while insulin sales grew by 3% [14] - Obesity care sales surged by 41%, with U.S. operations growing by 24% and international operations by 83% [14][16] - Rare disease sales increased by 13%, driven by a 14% increase in the U.S. [16] Market Data and Key Metrics Changes - In international operations, GLP-1 diabetes sales increased by 10%, with significant growth in China [16][17] - The combined diabetes and obesity GLP-1 market share for the company remains at 68% in international operations [17] - The company is facing intensifying competition in both diabetes and obesity markets, impacting growth expectations [38] Company Strategy and Development Direction - The company is sharpening its focus on diabetes and obesity, discontinuing non-core assets and reallocating resources to areas aligned with its strengths [10][11] - A company-wide transformation program is underway, expected to reduce approximately 9,000 positions globally, aiming for DKK 8 billion in annual savings by the end of 2026 [12] - The company is pursuing acquisitions to enhance its R&D portfolio, including a proposal to acquire Medcera for $6.7 billion [24] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the loss of market share in the GLP-1 market and emphasized the need for strategic initiatives to regain momentum [46][50] - The company remains optimistic about future growth opportunities in diabetes and obesity, despite current competitive pressures [78] - Management highlighted the importance of expanding access to treatments through partnerships and new product launches [50][88] Other Important Information - The company has submitted Mim8 for regulatory approval in both the U.S. and EU [8] - The Wegovy Pill is anticipated to launch in early 2026, pending regulatory approval [21][90] - The company expects a negative low single-digit impact on global sales growth in 2026 due to the compound patent expiry of semaglutide in certain countries [41] Q&A Session Summary Question: Market share loss in GLP-1 market - Management acknowledged the loss of 9 percentage points in global market share and discussed strategic initiatives to address this issue, including expanding the pipeline and increasing commercial partnerships [46][50] Question: Capital allocation and dividend payout - The company maintains a consistent capital allocation framework, prioritizing investments in the business, paying dividends, and pursuing pipeline additions [48][53] Question: Differentiation of Medcera assets - Management expressed excitement about the Medcera acquisition, emphasizing that the assets are complementary to the existing pipeline and address diverse patient needs [57][60] Question: Medicare coverage and IRA impact - Management highlighted the importance of Medicare coverage for obesity treatments and acknowledged the potential risks associated with the Inflation Reduction Act [67][70] Question: Device strategy setbacks - Management discussed setbacks with the Wegovy FlexTouch device and indicated plans to explore other device presentations and options for the future [75][81]

Financial Data and Key Metrics Changes - In the first nine months of 2025, the company achieved 15% sales growth and 10% operating profit growth, with narrowed guidance for sales growth to 8-11% and operating profit to 4-7% due to expected lower growth in GLP-1 treatments for diabetes and obesity [6][34][36] - Free cash flow for the first nine months of 2025 was DKK 63.9 billion, down from DKK 71.8 billion in the same period of 2024, driven by increased capital expenditures [36] - Net profit increased by 4%, with diluted earnings per share also rising by 4% to DKK 16.99 [36] Business Line Data and Key Metrics Changes - GLP-1 sales in diabetes increased by 10%, while insulin sales grew by 3%, with obesity care sales surging by 41% [13][15] - Sales of Wegovy reached approximately DKK 20 billion, growing at 168%, driven by sales growth across all regions [15][16] - Rare disease sales increased by 13%, with a 14% increase in the US and 13% in international operations [15] Market Data and Key Metrics Changes - In the combined diabetes and obesity GLP-1 market, the company holds a 68% volume market share in international operations [16] - The GLP-1 class grew by 35% in international operations, despite intensifying competition [16] - The US GLP-1 diabetes market grew around 10% in the third quarter of 2025 compared to the same period in 2024 [19] Company Strategy and Development Direction - The company is sharpening its focus on diabetes and obesity, aiming to address unmet medical needs and expand its product offerings through internal development and acquisitions [7][10] - A company-wide transformation program is underway to simplify operations and reallocate resources towards high-growth opportunities, expecting to reduce approximately 9,000 positions globally [11][12] - The company is pursuing acquisitions, including Medcera, to enhance its research and development portfolio in diabetes and obesity [22][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the loss of market share in the GLP-1 market and emphasized the need for strategic initiatives to regain momentum [51][56] - The company remains optimistic about future growth potential, particularly in addressing the large patient base that remains untreated [55][106] - The impact of the Inflation Reduction Act on pricing and market access was discussed, with management indicating ongoing efforts to navigate these challenges [40][81] Other Important Information - The company has submitted Mim8 for regulatory approval in both the US and EU, and anticipates significant upcoming R&D milestones [26][32] - The company expects to face challenges related to the expiration of compound patents for semaglutide, which may negatively impact sales growth in 2026 [40] Q&A Session Summary Question: Market share loss in GLP-1 market - Management acknowledged the loss of 9 percentage points in global market share and discussed strategic initiatives to address this, including expanding partnerships and launching new products [51][56] Question: Capital allocation and dividend payout - The company maintains a clear capital allocation framework prioritizing business investment, consistent dividend payments, and strategic acquisitions [52][58] Question: Differentiation of Medcera assets - Management expressed confidence in their internal pipeline while highlighting the complementary nature of Medcera's assets to their existing portfolio [62][66] Question: Medicare opportunities and IRA risks - Management emphasized the importance of Medicare access for obesity treatments and acknowledged the potential risks associated with the Inflation Reduction Act [81][82]

Market Overview - US stock index futures showed mixed movements with Dow futures up by 0.04%, S&P 500 futures down by 0.14%, and Nasdaq futures down by 0.24% [1] - European indices also displayed varied performance, with Germany's DAX down by 0.37%, UK's FTSE 100 up by 0.04%, and France's CAC 40 down by 0.05% [2][3] - WTI crude oil prices fell by 0.31% to $60.37 per barrel, while Brent crude oil decreased by 0.20% to $64.31 per barrel [3][4] Economic Data and Events - The upcoming ADP employment data is expected to show an increase of 28,000 jobs in October, a significant reversal from the previous month's loss of 32,000 jobs [5] - The US government shutdown is set to break the record for the longest duration, impacting economic data releases and potentially leading to increased pressure on lawmakers to reach a compromise [5] Company Earnings and Forecasts - AMD reported a 36% year-over-year revenue increase to $9.25 billion, exceeding market expectations, but the outlook for Q4 revenue of $9.3 to $9.9 billion was met with some disappointment [8][9] - Super Micro Computer's Q1 revenue fell to $5.02 billion, below analyst expectations, marking the sixth consecutive quarter of underperformance [9] - Pinterest's Q3 revenue was $1.05 billion, meeting expectations, but the Q4 guidance fell short of analyst predictions, leading to a pre-market drop of over 18% [10] - Toyota's Q2 operating profit declined by 27% year-over-year, but the company raised its full-year profit and sales guidance despite the drop [11] - Novo Nordisk's Q3 sales increased by 11% year-over-year, with a strong performance in diabetes and weight loss medications, and the company updated its sales growth forecast for 2025 [12] - Rivian's Q3 revenue reached $1.56 billion, a 78% increase year-over-year, with a positive gross margin reported for the second consecutive quarter [13] - Arista Networks achieved Q3 revenue of $2.31 billion, a 27% increase, and provided a positive outlook for Q4 revenue [14] - Astera Labs reported a 104% year-over-year revenue increase in Q3, but the Q4 earnings guidance was below market expectations [15] - Tempus AI's Q3 revenue grew by 84.7% year-over-year, but net losses widened, leading to a pre-market decline [16] - McDonald's Q3 same-store sales grew by 3.6%, exceeding expectations, although adjusted EPS fell short of forecasts [17] Upcoming Earnings Announcements - Notable earnings announcements expected include Qualcomm, Arm, Robinhood, and DoorDash [17][18]

Market Overview - As of November 5, U.S. stock index futures showed mixed results, with Dow futures up 0.04%, S&P 500 futures down 0.14%, and Nasdaq futures down 0.24% [1] - European indices also displayed varied performance, with Germany's DAX down 0.37%, UK's FTSE 100 up 0.04%, France's CAC40 down 0.05%, and the Euro Stoxx 50 down 0.41% [2][3] - WTI crude oil prices fell by 0.31% to $60.37 per barrel, while Brent crude oil dropped by 0.20% to $64.31 per barrel [3][4] Economic Indicators - The U.S. government shutdown has led to uncertainty regarding the release of key economic data, including the non-farm payroll report originally scheduled for release on Friday [5] - The ADP employment report, often referred to as the "little non-farm," is expected to show an increase of 28,000 jobs in October, a significant reversal from the previous month's loss of 32,000 jobs [5] Company Earnings and Forecasts - AMD reported a 36% year-over-year revenue increase to $9.25 billion, exceeding market expectations, but the outlook for Q4 revenue of $9.3 to $9.9 billion was met with some disappointment [7][8] - Supermicro's Q1 revenue fell to $5.02 billion, below analyst expectations, marking the sixth consecutive quarter of underperformance [8] - Pinterest's Q3 revenue was $1.05 billion, meeting expectations, but the Q4 guidance of $1.31 to $1.34 billion was below analyst forecasts, leading to an 18% pre-market drop [9] - Toyota's Q2 operating profit declined by 27% year-over-year, but the company raised its full-year profit and sales guidance [10] - Novo Nordisk's Q3 sales increased by 11% year-over-year, but operating profit fell by 21% [11] - Rivian's Q3 revenue reached $1.56 billion, a 78% increase year-over-year, with a positive gross margin reported [12] - Arista Networks reported Q3 revenue of $2.31 billion, a 27% increase, and provided a positive outlook for Q4 [13] - Astera Labs saw a 104% year-over-year revenue increase in Q3, but its Q4 earnings guidance fell short of expectations [14] - Tempus AI's Q3 revenue grew by 84.7%, but net losses widened [15] - McDonald's Q3 same-store sales grew by 3.6%, exceeding expectations, although EPS fell short [16] Upcoming Events - Key economic data releases include the U.S. ADP employment change and ISM non-manufacturing PMI scheduled for later today [16]

Third quarter results just out from WGOI maker Novo Nordisk. The Danish company lowering its fullear profit and revenue forecast. Novo CEO citing lower growth expectations for GLP-1 treatments.Separately, the Wall Street Journal now saying the White House speaking with Nova Nordis and Eli Liy about making some of their obesity drugs available on a proposed government-run website for $149 a month. The report says Medicare and Medicaid would cover the drugs for weight loss. We're going to speak with the CEO o ...

Group 1 - Novo Nordisk has lowered its full-year profit and revenue forecast due to reduced growth expectations for GLP-1 treatments [1] - The White House is in discussions with Novo Nordisk and Eli Lilly to make obesity drugs available on a proposed government-run website for $149 a month, with Medicare and Medicaid coverage [2] - The obesity market is still considered an unmet need, despite recent advancements in drug development [3]

Financial Performance & Strategic Aspirations - For the first nine months of 2025, Novo Nordisk reported sales growth of 15% at Constant Exchange Rates (CER)[11] - Operating profit growth was 10% at CER, impacted by restructuring costs of 9 billion DKK[11, 68] - The company anticipates annualised savings of approximately 8 billion DKK for reinvestment in future growth[17] - Novo Nordisk is transforming with aim to meet future patient needs and allow for investment in growth opportunities[16] Market & Therapeutic Focus - Obesity care sales reached 59.9 billion DKK, reflecting a 41% increase at CER[11] - Rare disease sales amounted to 14.3 billion DKK, a 13% increase at CER[11] - Diabetes value market share stood at 31.6%, a decrease of 2.3 percentage points[11] - The company aims to strengthen its diabetes leadership, targeting a global value market share exceeding one-third[72] Pipeline & Innovation - Novo Nordisk is progressing its pipeline, including US approval for Rybelsus® CV indication and Wegovy® MASH indication[11] - The company agreed to acquire Akero, including a phase 3 MASH asset, and proposed the acquisition of Metsera, Inc for up to 10 billion USD[11, 47] - Cagrilintide 2.4 mg will be investigated in RENEW phase 3 programme with potential to be the first amylin on the market[58]

Core Viewpoint - Novo Nordisk has increased its acquisition offer for Metsera to $10 billion, intensifying competition with Pfizer, which previously offered $7.3 billion [1] Group 1: Acquisition Offers - Novo Nordisk's latest proposal includes acquiring all outstanding shares of Metsera at $62.20 per share, totaling an equity value of approximately $7.2 billion, with additional contingent value rights (CVRs) potentially adding up to $2.8 billion based on clinical and regulatory milestones [2] - Pfizer has raised its offer to $8.1 billion in response to Novo Nordisk's increased bid [4] Group 2: Legal Actions - Pfizer has filed a lawsuit against Metsera and Novo Nordisk, alleging breach of contract and fiduciary duty, and seeking to block Metsera from terminating the Pfizer merger agreement [4][5] - A second lawsuit from Pfizer claims that Novo Nordisk's offer violates antitrust laws, alleging anticompetitive effects in the US GLP-1RA sector [6][7]

Wegovy maker Novo Nordisk said on Wednesday that its executive vice president in charge of manufacturing was stepping down. ...

Thank you Karen indeed Magdusta joining us now for a chat here in the HQ of nominisk so much news from for you you've been in a job just from 12 weeks so let's just dive in straight away let's start with the results the Q3 results uh you cut your guidance uh once again for the rest of the year so just can you flesh out for us how challenging are things particularly in the US market >> sure when you look at the overall numbers for the first nine months then you would say 15% sales growth 10% operating profit ...