Novo Nordisk A/S

Good day and thank you for standing by. Welcome to the Q1 2026 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 one and one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one 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, operator. Welcome to this Novo Nordisk earnings call for the first three months of 2026. 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 Duster, EVP US Operations, Jamie Millar, EVP International Operations, Emil Kongshuy Larsen, EVP Research and Development and Chief Scientific Officer, Martin Holtz-Lange, and Chief Financial Officer, Carsten Munch Knudsen. All speakers will be available for the Q&A session. Today's call is being webcasted live, and a recording will be made available at 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 CER unless otherwise specified. Next slide, please. As usual, 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 three months of 2026 and the slide prepared for this presentation.

that over to you mike for an update on our strategic milestones in the first quarter of 2026. thank you michael next slide please in 2026 nova nordis is focused on driving competitiveness progressing our pipeline and making focus investments towards growth and growth opportunities while delivering returns today nova nordis is serving more than 45 million people living with obesity and diabetes of those more than 4 million people are using our obesity treatments, which means we are now treating over 50% more people living with obesity compared to just a year ago. We are excited to continue bringing new Vigovi options to patients. That includes the Vigovi pill in the U.S. and Vigovi HD, also known as high-dose or 7.2 milligram, which is now approved in the U.S., UK, European Union, and Brazil. It is no secret that the Vigovipil is off to a record-breaking start in the US. Since launching it some 16 weeks ago, we have seen over 1 million people using Vigovipil. As the global momentum behind the peptide-based therapies accelerates, Vigovipil is defining a novel category as the only oral peptide for the treatment of obesity, setting a new benchmark for what patients and physicians can expect. All of this is something we are very proud of, and it highlights our strong innovation and launch capabilities. Within research and development, we continue to advance our pipeline across therapy areas. In the first quarter of 2026, we have had six regulatory approvals and more than 10 clinical trials initiations. Martin will dive deeper into all of these exciting accomplishments in a few minutes, along with our expected milestones for the rest of the year. Novo Nordisk is making strategic investments in growth opportunities to drive our competitiveness and progress our pipeline. In the first quarter of 2026, we have invested about 22 billion Danish crowns in research and development and commercial initiatives. On top of that, we returned nearly $38 billion DKK to our shareholders through dividends and share buybacks. Lastly, we have raised our 2026 guidance, which Carson will get back to later on. Next slide, please. In the first three months of 2026, adjusted sales decreased by 4% driven by lower realized prices, partly offset by GLP-1 volume growth and market expansion. U.S. operations decreased 11%, partially offset by international operations, which grew 6%. Our GLP-1 sales in diabetes decreased by 11%, mainly driven by U.S. operations. Obesity care sales increased 22%, driven by both operating units. International operations grew by 44% and U.S. operations grew by 9%. With that, handing it to you, Jamie.