Novo Nordisk A/S

You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 and 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Jakob Rode, Head of Investor Relations. Please go ahead.

Thank you. Hello, everyone, and welcome to this Normal Nordisk earnings call for the first half year of 2025. My name is Jakob Rode, and I'm the Head of Investor Relations at Normal Nordisk. And with me today, I have CEO of Novo Nordisk, Lars Frohgård Jørgensen, Executive Vice President, Product and Portfolio Strategy, Ludovic Helfgaard, Executive Vice President, US Operations, Dave Moore, Executive Vice President and Head of Development, Martin Holtz-Lange, Chief Financial Officer, Carsten von Knudsen, and finally, Executive Vice President, International Operations, as well as incoming CEO as of August 7th, Mike Duster. All speakers will be available for the Q&A session. Today's announcement and the slides for this call are available on our website, novenoids.com. Please note that the call is being webcasted live and the 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 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. Next slide, please. 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 first six months of 2025, as well as the slides prepared for this presentation. And with that, over to you, Lars, for an update on our strategic aspirations.

Thank you, Jacob. Next slide, please. In the first six months of 2025, we delivered 18% sales growth and 29% operating profit growth. As announced last week, NorNorge has lowered the full year outlook for 2025 compared to the outlook issued in May of this year. The change in sales outlook for 2025 is driven by lower growth expectations for the second half of 2025. This is related to lower growth expectations for Vigobi in the U.S. obesity market lower growth expectations for OSIMPIC in the U.S. GLP-1 diabetes market, as well as lower than expected presentation for we go in select IEO markets. Carsten will come back to this later in the call. I'd like to go 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 almost 46 million patients with our diabetes and obesity treatments. This is an increase of more than 3.5 million patients compared to the first six months of 2024. In R&D, Osempic received a positive opinion by the EMA for the treatment of peripheral arterial disease in people living with type 2 diabetes. Within obesity, we announced that subcutaneous and oral emicretin for weight management will advance into phase 3 clinical development. Further, we initiated a new phase 3B trial, Redefine11. The trial lasts for 80 weeks and investigates further potential efficacy and safety of CACASEMA. Finally, we have entered an exclusive collaboration and license agreement with Subterna to discover and develop all small molecules for the treatment of obesity, type 2 diabetes, and other cardiometabolic diseases. Now, I'd like to turn over the work to Ludovic for an update on our commercial execution in the first six months of 2025.