Novo Nordisk A/S

Good day and thank you for standing by. Welcome to the Q4 2025 Novo Nordisk Earnings Conference Call. At this time, all participants are in 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, Michael Novot, Head of Investor Relations. Please go ahead.

Thank you very much, and welcome to this Novo Nordisk earnings call for the full year of 2025. My name is Michael Novot. I'm the Head of Investor Relations at Novo Nordisk. With me today I have CEO of Novo Nordisk, Mike Dustar, EVP Product and Portfolio Strategy, Ludovic Helfgott, EVP US Operations, Dave Moore, EVP Research and Development and Chief Scientific Officer, Martin Holtz-Lange, and Chief Financial Officer, Carsten Munch-Nusen. All speakers will be available for the Q&A session. Today's call is being webcasted live, and a recording will be made available on our website. The call is scheduled to last one hour. Next slide, please. 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 full year 2025 and the slides prepared for this presentation. With that, Over to you, Mike, for an update on our strategic aspirations.

Thank you, Michael. Next slide, please. In 2025, Novo Nordisk delivered 10% sales growth and operating profit growth of 6%. We sharpened our strategic focus in 2025, doubling down in our core areas of obesity and diabetes. This year marks the conclusion of the 2025 strategic aspirations that were established back in 2019. Since then, we have more than doubled our sales and operating profits, and our obesity care sales have increased from 6 billion DKK in 2019 to 82 billion DKK in 2025. Rare disease is now positioned for sustained growth with the late-stage pipeline assets MyMate, now called Desinemic, and Etabo Pivad. Furthermore, over 300 billion Danish crowns has been returned to our shareholders since 2019. Most importantly, we have increased our reach by an additional 16 million people with our obesity and diabetes treatments. This quarter, we saw several exciting readouts, including the next generation treatment for type 2 diabetes with the phase 2 readout of xenogamotide and phase 3 readout for catricema. Novo Nordisk also continued to build upon its pipeline across therapy areas. Martin will discuss this in more detail later in the call. By late 2025, we received FDA approval for the Vigobi pill, the first oral GLP-1 for obesity, and submitted Cagrisema in the US. Dave will speak more to the Vigobi pill later. But we are encouraged by the early uptake of the pill and what we see these milestones meaning would mean for people living with obesity. We are treating nearly 46 million people with our innovative medicines, reflecting Novo Nordisk's commitment to innovation and the ongoing efforts to expand access to our therapies worldwide. Finally, Karsten will come back to it, but we have released our 2026 guidance, which reflects a year of pricing headwinds. We do not take this lightly and we will do all we can to pursue the volume opportunities in obesity and diabetes. Next slide, please. Yesterday, we also announced changes to the executive management team. Dave Moore has decided to leave Novo Nordisk for personal reasons after more than eight years with the company. Dave began his Novo journey in 2017 and returned to Novo in 2022 after a time outside of the company to lead our global business development area before returning to the US as the executive vice president of the US operations in January of 2025. Dave has moved the needle throughout his time at Noble, from driving the blockbuster launch of Ozempic to leading the acquisition of three Catalan manufacturing sites to overseeing the launch of the Vigobi pill in the US. In addition, Ludovic Helfgott has decided to leave Novo Nordisk to pursue new opportunities. Ludo joined Novo Nordisk back in 2019 to lead what was back then called biopharm business and eventually became our rare disease therapy area. Ludovic's patient-first leadership is reflected in Novo Nordisk's strong presence in rare blood and endocrine disorders today. Ludovic was able to translate this passion across all of our therapy areas over the last 10 months as the head of product and portfolio strategy. On behalf of Novo Nordisk and myself, I would like to thank Dave and Ludovic for their bold and steady leadership. After a thoughtful selection process over the last few months, I'm very pleased to announce the addition of Jamie Miller and Hong Chao to Novo Nordisk and the executive management team. Next slide, please. Starting February 5th, Jamie Miller joins Novo Nordisk as an executive vice president of U.S. operations. Jamie brings more than 30 years of extensive leadership experience in the pharmaceutical industry with proven track record in launching major therapies and shaping commercial strategy. He joins us from UnitedHealth Group, where he served as the CEO of Optum Specialty Holding and brings deep expertise in U.S. market access and product lifecycle management. Beginning February 15th, Ong Chao will join Novo Nordisk as an Executive Vice President of Product and Portfolio Strategy. Ong brings deep global leadership experience to Novo Nordisk, serving as the Executive Vice President and Head of China and International at Merck Healthcare, and leading their global cardiovascular metabolism and endocrine portfolio. Her leadership in advancing innovation, health equity, and large-scale product strategies at companies such as Merck, Roche, and Bayer demonstrates her outstanding capability to drive our vision forward. We look forward to welcoming Jamie and Hung to Novo Nordisk this month, and both Dave and Ludo will help to ensure successful transition to their successors throughout the end of this quarter. I will now hand over to Ludo for an update on our commercial execution in 2025.