Bagsværd, Denmark, 31 December 2025 – Today, the Supreme People’s Court in China made a positive decision concerning the intellectual property rights relating to the semaglutide compound patent. Novo Nordisk is pleased that the Court has upheld the Beijing IP Court ruling recognising the validity of the semaglutide compound patent. “This outcome is very positive for semaglutide and demonstrates firm government support for protecting medical innovation,” said Mike Doustdar, president and CEO of Novo Nordisk. ...

Bagsværd, Denmark, 31 December 2025 – Today, the Supreme People’s Court in China made a positive decision concerning the intellectual property rights relating to the semaglutide compound patent. Novo Nordisk is pleased that the Court has upheld the Beijing IP Court ruling recognising the validity of the semaglutide compound patent. “This outcome is very positive for semaglutide and demonstrates firm government support for protecting medical innovation,” said Mike Doustdar, president and CEO of Novo Nordisk. ...

Key Points Novo Nordisk's new indications for semaglutide and its attractive pipeline could allow it to bounce back. Intuitive Surgical should remain the leader in its niche despite increased competition. Both stocks could be long-term winners, and the choice today might depend on risk tolerance. 10 stocks we like better than Novo Nordisk › Novo Nordisk (NYSE: NVO) and Intuitive Surgical (NASDAQ: ISRG) are both healthcare leaders, but they operate in different corners of this vast sector. The for ...

Core Insights - Pfizer has acquired global rights to an oral weight-loss drug from Fosun Pharma, aiming to enhance its position in the competitive weight management market [1][4] - The collaboration is potentially valued at over $2 billion, highlighting the growing interest in innovative medications developed in China, particularly GLP-1 drugs [5][12] Group 1: Licensing Deal Details - Fosun Pharma's subsidiary, Yao Pharma, has granted Pfizer an exclusive worldwide license for the oral GLP-1 receptor agonist YP05002, which is still in early-stage development [6][8] - The deal includes an upfront payment of $150 million, with additional potential payments of up to $350 million tied to clinical and commercial milestones, and sales-related payments that could total $1.59 billion, leading to a maximum deal value of approximately $2.09 billion [7][12] Group 2: Market Context and Competition - GLP-1 therapies have become a significant focus for global pharmaceutical companies, with Novo Nordisk's semaglutide generating $25.46 billion in sales and Eli Lilly's tirzepatide achieving $24.84 billion in sales in the first three quarters of 2025 [10] - The oral version of GLP-1 drugs, like YP05002, could offer advantages over injectables, potentially improving patient compliance due to convenience [11] Group 3: Fosun Pharma's Performance - Fosun Pharma reported an 18.09% increase in revenue from innovative drugs in the first three quarters, despite an overall revenue decline of 4.91% to 29.39 billion yuan ($4.17 billion) due to price pressures in China's drug procurement [14] - The partnership with Pfizer is seen as a significant milestone in Fosun Pharma's strategy for innovation and internationalization, potentially enhancing its global market presence [15] Group 4: Future Outlook - Fosun Pharma's focus on innovative drugs is expected to drive growth, as it continues to divest non-core assets and allocate resources to research and development [16] - The company's current price-to-earnings ratio of around 17 times suggests potential for multiple expansion compared to other established Chinese drugmakers [16]

Veru (NasdaqCM:VERU) Q4 2025 Earnings Call December 17, 2025 08:00 AM ET Company ParticipantsRohan Mathur - Biopharma Equity Research AssociateMichele Greco - Chief Financial Officer and Chief Administrative OfficerMitchell Steiner - Chairman, CEO and PresidentSam Fisch - Executive Director of Investor Relations and Corporate CommunicationsConference Call ParticipantsNone - AnalystWilliam Wood - Research AnalystOperatorGood morning, ladies and gentlemen, and welcome to Veru Inc.'s Investors Conference Call. ...

Veru (NasdaqCM:VERU) Q4 2025 Earnings Call December 17, 2025 08:00 AM ET Company ParticipantsRohan Mathur - Biopharma Equity Research AssociateMichele Greco - Chief Financial Officer and Chief Administrative OfficerMitchell Steiner - Chairman, CEO and PresidentSam Fisch - Executive Director of Investor Relations and Corporate CommunicationsConference Call ParticipantsWilliam Wood - Research AnalystOperatorGood morning, ladies and gentlemen, and welcome to Veru Inc.'s Investors Conference Call. All participa ...

Financial Data and Key Metrics Changes - The net loss from continuing operations for fiscal year 2025 was $15.7 million, or $1.07 per diluted common share, compared to a net loss of $35.3 million, or $2.61 per diluted common share in the prior year [27] - Research and development costs increased to $15.6 million in fiscal 2025 from $12.8 million in the prior year, primarily due to expenses related to the phase 2b obesity clinical study for Enobosarm [25] - Selling, general and administrative expenses decreased to $19.9 million in fiscal 2025 from $24.6 million in the prior year, mainly due to a reduction in share-based compensation expenses [25] Business Line Data and Key Metrics Changes - The company sold the FC2 female condom business for $18 million in cash, resulting in net proceeds of approximately $16.5 million after selling costs, but incurred a loss of approximately $4.1 million on the sale [22][23] - The gain on the sale of ENTADFI assets was $10.8 million in fiscal 2025, compared to a gain of $1.2 million in the prior year [25] Market Data and Key Metrics Changes - The company reported that as of September 30, 2025, cash, cash equivalents, and restricted cash balance was $15.8 million, down from $24.9 million as of September 30, 2024 [28] - The net working capital was $11.1 million on September 30, 2025, compared to $23.4 million on September 30, 2024 [29] Company Strategy and Development Direction - The company is focusing exclusively on drug development following the sale of the FC2 female condom business, which represents a strategic shift [23] - The planned phase 2b plateau clinical trial will target patients with a BMI greater than or equal to 35 and age greater than or equal to 65, aiming to assess the ability of Enobosarm treatment to break through the weight loss plateau [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the regulatory landscape evolving for muscle-preservation drugs for obesity treatment, with at least two possible regulatory pathways for Enobosarm [15] - The company highlighted the importance of addressing the weight loss plateau experienced by many patients on GLP-1 receptor agonists, indicating a significant market opportunity [18][42] Other Important Information - The company completed a public offering on October 31, 2025, resulting in net proceeds of approximately $23.4 million [24] - The company used cash of $30 million for operating activities in fiscal 2025, compared to $21.7 million in the prior year [29] Q&A Session Summary Question: Will any GLP-1 be allowed in your phase 2b, or will it be limited to just tirzepatide? - Management indicated that they will choose one GLP-1 receptor agonist to avoid variability in the study, with tirzepatide currently being the placeholder [32][33] Question: How does the FDA's guidance affect the phase 3 transition? - Management explained that the phase 2b study is designed to mirror phase 3 criteria, allowing for a clear understanding of incremental weight loss and functional endpoints [34][35] Question: What patient population is being targeted in the Plateau study? - The focus is on patients over 65 with physical limitations, as this group is seen as most in need and informative for assessing physical function [37][39]

Core Insights - The company received FDA regulatory clarity for enobosarm in combination with GLP-1 RA, indicating that incremental weight loss is an acceptable primary endpoint for approval [1][10] - The Phase 2b PLATEAU clinical study is planned to start in Q1 2026, focusing on older patients with obesity [1][12] - The company completed a public offering post fiscal year end, raising approximately $23.4 million [1][19] Clinical Development - The Phase 2b QUALITY study demonstrated that enobosarm, when combined with GLP-1 RA, selectively promotes fat loss while preserving lean mass and physical function in older patients [4][17] - The FDA has confirmed that enobosarm 3 mg is an acceptable dosage for future clinical development [11] - The Phase 2b PLATEAU study will evaluate the effects of enobosarm on body weight, physical function, and safety in patients aged 65 and older with a BMI of 35 or higher [12][13] Financial Performance - For fiscal year 2025, research and development expenses increased to $15.6 million from $12.8 million, while general and administrative expenses decreased to $19.9 million from $24.6 million [14] - The operating loss from continuing operations decreased to $24.8 million from $36.2 million [14] - The net loss from continuing operations decreased to $15.7 million, or $1.07 per share, compared to $35.3 million, or $2.61 per share in the previous year [19]

Core Viewpoint - Novo Nordisk is attempting a comeback after facing significant challenges over the past 18 months, including poor financial results and clinical setbacks, which have led to a decline in stock price [1][2]. Revenue Growth and Market Dynamics - Novo Nordisk's revenue growth has significantly dropped in the past two years, prompting multiple downward revisions of guidance [3][5]. - Key growth drivers, Wegovy and Ozempic, have been affected by government-mandated price cuts in the U.S., leading to lower prices for eligible Medicare and Medicaid patients, alongside the company's own price reductions for cash-paying patients [5][7]. Sales Volume and New Indications - The reduction in price may increase sales volume as more patients can afford the medications, particularly Wegovy, which has limited insurance coverage [8]. - New indications for semaglutide, including an oral version and approval for metabolic dysfunction-associated steatohepatitis (MASH), are expected to boost sales [9]. Competitive Landscape and Pipeline Progress - Novo Nordisk is losing market share to Eli Lilly in the GLP-1 market but is expected to make strong pipeline progress with several mid- and late-stage candidates, including Amycretin, which shows promise in weight loss and Type 2 diabetes treatment [12][13]. - Amycretin's dual hormonal approach may enhance efficacy, potentially allowing Novo Nordisk to regain competitive ground [13]. Investment Consideration - Despite recent challenges, Novo Nordisk's shares appear attractive at current valuation levels, trading at 12.7 times forward earnings, below the healthcare sector average of 17.6 [14]. - The company remains a leader in the growing weight loss market and has a robust pipeline, suggesting potential for recovery and superior returns for investors who initiate positions now [14].

Key Takeaways NVO's semaglutide sales have slowed amid pricing pressure and rising GLP-1 competition.GPCR's aleniglipron hit key phase IIb goals with up to 15.3% placebo-adjusted weight loss.Novo Nordisk is advancing CagriSema, cagrilintide, amycretin, and monlunabant to defend its lead.Novo Nordisk (NVO) is a dominant player in the cardiometabolic space, marketing its blockbuster semaglutide-based (GLP-1) drugs — Ozempic (for diabetes) and Wegovy (for obesity). Despite being NVO’s key growth drivers, sales ...