Novo Nordisk A/S

Good day and thank you for standing by. Welcome to the Q3 2025 Novo Nordisk Earnings Conference Call. At this time all participants are in a listen-only mode. After the speaker's presentation there'll be a question and answer session. To ask a question during the session you will need to press star 1 and 1 on your telephone. 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. Welcome to this NOVA Nordisk earnings call for the first nine months of 2025. My name is Jakob Rode, and I'm the Head of Investor Relations. With me today, I have CEO of NOVA Nordisk, Mike Duster, Executive Vice President, Product and Portfolio Strategy, Ludwig Helfgott, Executive Vice President, U.S. Operations, Dave Maul, Executive Vice President Research and Development and Chief Scientific Officer Martin Holst-Lange and Chief Financial Officer Carsten Munkhausen. All speakers will be available for the Q&A session. Please note that the call is being webcasted live and a recording will be available on our website as well. The call is scheduled to last a little more than 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 all will contain forward-looking statements. These are subject to risks 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 first nine months of 2025, as well as the slides prepared for this presentation. And with that, over to you, Mike, for an update on our strategic aspirations.

Thank you, Jacob. Next slide, please. In the first nine months of 2025, we delivered 15% sales growth and 10% operating profit growth. We've also narrowed our guidance range to 8% to 11% on sales and 4% to 7% for operating profit. This is because we expect lower growth for our GLP-1 treatments in diabetes and obesity. Carson will get back to the guidance update later in the call. Looking into the R&D in diabetes, Rebelsis is now approved in the US and EU with CV indications based on the sole trial. Within obesity and business development, we have progress on a number of projects that Martin will come back to later. In rare disease, we have now submitted MyMate for regulatory approval in both US and EU. We're now serving around 46 million people living with diabetes and obesity. This is around 3 million more people with our GLP-1 treatment compared to just 12 months ago. Furthermore, I would like to note that 2025 strategic aspirations is our current framework for reporting, and we look forward to updating this next year as the current strategic aspiration runs out. Next slide, please. Since I became CEO, I have said several times that Novo Nordisk will sharpen its focus on core areas, specifically diabetes and obesity. I want to take a moment to explain how we have refined our strategy. For more than 100 years, we have been guided by a simple purpose, to identify and solve major unmet medical needs. This commitment is unchanged. There are many people who can benefit from expertise in diabetes and obesity, and we believe we can serve them better than anyone else. Going forward, we will concentrate on these areas where we can make the greatest difference. Our strategy begins with patients at the center of everything we will do. Way more than 1 billion people are affected by diabetes or obesity. We will work tirelessly to develop products that help them live healthier, fuller lives. Some of these products will be developed internally. Others will be added to our portfolio through partnerships and acquisitions. Many of these assets can address multiple unmet needs. We will explore those opportunities and expand indications where appropriate to serve our patients. Speaking of patients, it is a known fact that obesity and diabetes vary by individual and often comes with co-morbidities that lack effective treatments. As with the Acura acquisition, Novo Nordisk will keep pursuing innovation with identification within research and then advancing those to development to address co-morbidities within our core and the overlaps with those cores. We are now shaping our focus, sharpening our focus. In the past, we spread our resources into areas a bit further away from our core. Think about stem cell research for Parkinson's disease. Therefore, during this last quarter, we have discontinued several non-core assets and redirected resources to areas aligned with our strengths. we will intensify our commercial efforts to strengthen competitiveness. To meet evolving market dynamics and increasingly consumer-like behavior, we will, for example, expand telehealth capabilities across markets. In short, we remain disciplined about where we will compete within diabetes, obesity, and related comorbidities in the years ahead. We will also continue our targeted research and commercial work in rare disease. And to support this strategy, we have launched a company-wide transformation, which I would like to give you an update on its progress right now. Please go to the next slide. We previously announced a company-wide transformation designed to simplify our operating model, accelerate decision-making, and reallocate capital and resource towards the highest growth opportunities in diabetes and obesity. This program supports our strategy to capture rising global demand and strengthening our competitive position in the increasingly consumer-like obesity market. As part of the plan, we expect a reduction of approximately 9,000 positions globally. While this decision was not taken lightly, it is expected to drive approximately 8 billion DKK in annual savings by the end of 2026. Those savings will be redeployed to expand our diabetes and obesity franchises and fund strategic priorities. We recognize the human impact of these changes and remain committed to responsible transition for affected colleagues. At the same time, we're confident this transformation will increase operational efficiency and strengthen our long-term future and enhance return for our shareholders. I will now hand over to Ludovic for an update on our commercial execution for the first nine months of 2025.