Novo Nordisk A/S

Welcome to this Novo Nordisk earnings call for the full year of 2023 and the outlook for 2024. My name is Daniel Musman-Bosen and I'm the Head of Investor Relations at Novo Nordisk. With me today, I have CEO of Novo Nordisk, Lars Brugger Jørgensen, Executive Vice President and Head of Commercial Strategy and Corporate Affairs, Camilla Sundvest, Executive Vice President and Head of North America Operations, Doc Lange, Executive Vice President and Head of Development, Martin Holst Lange, and finally, Chief Financial Officer, Carsten Munch Knudsen. All speakers will be available for the Q&A session. Today's announcement and the slides for this call are available on our website, newnotice.com. Please note that the call has been webcast live and a recording will be made available on our website as well. The call is scheduled to last one hour. Please turn to the next slide. The presentation is struck on slide two. Please note that all sales and operating profit growth statement will be at constant exchange rate unless otherwise specified. Please turn to slide three. We need to advise you that this call will contain forward-looking statements. These are subject to risk and uncertainty that could cause actual results to differ materially from expectations. For further information on the risk factors, please see the company announcement for the full year 2023 and the slides prepared for this presentation.

With this, over to you, Lars, for an update on our strategic aspirations. Thank you, Daniel. Please turn to the next slide. In 2023, we delivered double-digit sales and operating profit growth, and we continue to make progress on our strategic aspirations. I'll walk you through the performance highlights before handing over the word to my colleagues. We continue making progress on purpose and sustainability. Our carbon emissions decreased by 34% compared to pre-pandemic levels in 2019, and in 2023, we reached more than 40 million patients without diabetes and obesity treatments. To uphold our commitment to being a sustainable employer, we expanded the number of women in senior leadership positions to 41% compared to 39% at the end of 22. In the past year, we have developed and expanded our pipeline across all our therapy areas. In diabetes and obesity, we have seen several exciting trial readouts, and we have advanced novel acids into phase three. We have also expanded our footprint in cardiovascular disease and strengthened our late-stage pipeline in rare blood disorders. Martin will come back to this and our overall R&D milestones later. In 2023, we have achieved two major milestones within commercial execution. We have reached our obesity sales operation of more than 25 billion Danish kroner and our aspiration for diabetes, which was to achieve one-third of the global diabetes value market. Going forward, we continue to aim for treating more patients with our innovative treatments. Lastly, we're very pleased with a strong sales growth of 36% and operating profit growth of 44% in 2023, both measured at constant exchange rates. Now, I would like to hand over the word to Camilla, who will give us the latest update on our commercial execution.

Thank you, Lars, and please turn to the next slide. In 2023, our total sales increased by 36%. The sales growth was driven by both operating units, with North America operations growing 54% and international operations growing 16%. Our GLP-1 sales in diabetes increased 52%, driven by North America growing 52% and international operations growing 53%. Insulin sales decreased by 6%, driven by declining sales in the U.S. and region China. Obesity care sales grew 154%. In international operations, sales grew 47%, driven by both Saxenda and Vigovi. Sales of Saxenda increased by 14%, and sales of Vigovi reached around 2 billion Danish kroner. Going forward, we continue to roll out Vigovi in a sustainable manner by volume-capped launches to balance supply and demand. In North America operations, obesity care sales grew 212%. Total rare disease sales decreased by 15%, which was driven by a 24% decrease in international operations and by a 1% decrease in North America operations, following a reduction in supply of Nordic token. Please turn to the next slide. With 29% sales growth in diabetes care, we are growing faster than the total diabetes market. As a result, our global diabetes value market share increased to 33.8%, which is above our strategic aspiration of reaching one-third of the global diabetes value market. This increase reflects market share gains in both North America operations and international operations. Please turn to the next slide. In international operations, total diabetes care sales increased by 20% in 2023, which was primarily driven by GLP-1 sales growing 53%. Novo Nordisk is the market leader in international operations with a GLP-1 value market share over 70%. WSAMPIC continues its GLP-1 market leadership with 47.5% market share. Rebelsys has just shy of 14% value market share driven by solid uptake across geographies. And with that, I will hand over the word to Doug.