Novo Nordisk A/S

Welcome to this Novo Nordisk earnings call for the full year of 2024. My name is Jacob Rohde, and I'm the Head of Investor Relations at Novo Nordisk. With me today, I have CEO of Novo Nordisk, Lars Frohgård Jørgensen, Executive Vice President and Head of Commercial Strategy and Corporate Affairs, Camilla Sylvestre, Executive Vice President, U.S. Operations and Head of Global Business Development, Dave Moore, 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, nomanoids.com. Please note that the call is being webcasted live and a recording will be made available on our website as well. The call is scheduled to last one hour and 15 minutes. Please turn to the next slide. The presentation is structured as outlined on slide two. Please note that all sales and operating profit growth statements will be at constant exchange rates unless otherwise specified. Please turn to the next slide. 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 risk factors, please see the company announcement for the full year of 2024 and the slides prepared for this presentation. With that, over to you, Lars, for an update on our strategic aspirations.

Thank you, Jaro. Next slide, please. In 2024, we delivered 26% sales growth and 26% operating profit growth. I would like to start this call by going through the performance highlights across our strategic aspirations before handing over the word to my colleagues. Starting with our focus on purpose and sustainability, we are now serving more than 45 million patients with our diabetes and obesity treatments. This is an increase of almost 4 million patients compared to last year and reflects our continued capacity expansion efforts. Our total carbon emissions rose by 23% compared to 2023. This was mainly driven by our increased production volumes and increased investments in capital expenditure to meet the high demand for our innovative treatments. To uphold our commitment of being a sustainable employer, we expanded the number of women in senior leadership positions to 42% compared to around 41% last year. In R&D, we had several exciting obesity readouts this quarter, such as Cacrysema, semaglutide 7.2 mg, and amicretin. These results reinforce our strategic aspiration of developing superior treatment solutions for people living with obesity. For Cacrysema, we remain confident in its potent biology and look forward to further exploring its potential and to making it available to patients. Martin will come back to this and all R&D milestones later. The quarterly sales growth reflects solid commercial execution across both operating units. Camilla and Dave will go through the details later. Carsten will go through the financial details, but I'm pleased with the sales growth of 26% in 2024, as well as an attractive growth outlook for 2025. Now, I would like to hand over the word to Camilla for an update on commercial execution in 2024.

Thank you, Lars, and please turn to the next slide. In 2024, our total sales increased by 26%. The sales growth was driven by both operating units with North America operations growing 30% and international operations growing 19%. In the U.S., sales growth was positively impacted by gross to net sales adjustments. Our GLP-1 sales in diabetes increased by 22%, driven by North America operations growing 23% and international operations growing 18%. Insulin sales increased by 17%, driven by North America operations, growing 52%, positively impacted by gross-to-net sales adjustments, and international operations growing 6%. Obesity care sales increased 57%, driven by North America operations, growing 45%, and international operations growing 107%. In both geographies, growth was driven by Vigovi, partly offset by declining Saxenda sales as the obesity care market is moving towards once-weekly treatments. Rare disease sales increased by 9%, driven by a 20% increase in North America operations, and rare disease sales in international operations remained unchanged compared to last year. Please turn to the next slide. I would like to reiterate our commitment to continue reaching more patients with our innovative treatments. Today, Novo Nordisk is the global GLP-1 volume market leader serving nearly two-thirds of all patients on GLP-1 treatments across diabetes and obesity. Our ongoing scaling efforts have supported an almost tripling of GLP-1 patient reach over the last three years. In December 2024, we announced that the acquisition of the Catalan sites from Novo Holdings was completed. This transaction supports our ongoing scaling efforts and will expand Novo Nordisk's global fill and finish footprint from 11 to 14 sites. We still expect the three sites to gradually increase market supply beyond our pre-existing CMO contracts to the market from 26 and allow us to reach significantly more patients in the years to come. Please turn to the next slide. Within diabetes care, sales growth was 20% driven by our GLP-1 portfolio and insulins. We sustained our diabetes value market share leadership with an unchanged market share of 33.7% compared to last year. This remains above our strategic aspiration of reaching one third of the global diabetes value market in 2025. Please turn to the next slide. In international operations, diabetes care sales increased by 12% in 2024, which was mainly driven by GLP-1 diabetes care sales growing 18%. Novo Nordisk remains the market leader in international operations with a GLP-1 diabetes value market share of almost 64%. And with that, I would hand over the word to Dave.