Novo Nordisk A/S

Good day and thank you for standing by. Welcome to the Q2 2026 Novo Nordisk A S earnings conference call. At this time all participants are in a listen only mode. After the speaker's presentation there will 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 speaker today, Michael Novod, Head of Investor Relations. Please go ahead.

Thank you very much, operator. Welcome to this NOVA Nordisk earnings call for the second quarter of 2026. My name is Michael Novod. I'm the Head of Investor Relations at NOVA Nordisk. With me today I have CEO of NOVA Nordisk, Mike Doustdar, EVP US Operations Jamey Millar, EVP International Operations Emil Kongshøj Larsen, EVP Research and Development and Chief Scientific Officer Martin Holst Lange, and Chief Financial Officer Karsten Munk 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 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 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 second quarter of 2026 and the slides prepared for this presentation. With that, over to you, Mike, for an update on our strategic milestones for the second quarter of 2026.

Thanks, Michael. Next slide, please. In the second quarter of this year, we have continued to deliver on our priorities to improve commercial competitiveness, progress our pipeline, and make focused investments while delivering returns. Today, Novo Nordisk is serving more than 46 million people living with obesity and diabetes. We are treating almost 70% more people living with obesity compared to just a year ago, with nearly 5 million people on our obesity treatments. We have taken the successful US launch of Vigovipil to global markets. We now have around 1.5 million people on the Vigovipil worldwide. This is a testament to our increased efforts in manufacturing and across the entire value chain to bring innovation to people. Within research and development, we continue to advance our pipeline across therapy areas. We have received more than 10 regulatory approvals and started more than five clinical trials in the second quarter. We have also received, we have also announced top-line results from ZUS, the first three trials with Zyltivikimab in patients with ASCVD, chronic kidney disease, and inflammation. While the outcome was not what we had hoped for, this single event does not change our strategy. Novo Nordisk remains committed to helping patients with comorbidities related to obesity and diabetes, including cardiovascular disease. Martin will speak to this later. In the second quarter of 2026, we continue to invest in growth opportunities to drive competitiveness and progress our pipeline. This includes more than 26 billion Danish crowns invested into R&D and commercial activities. And lastly, we're happy to see that we have been able to raise our 2026 guidance once again. Karsten will elaborate on this later on during the call. Next slide, please. In the second quarter of 2026, adjusted sales grew 7% driven by volume growth partially Offset by lower realized prices. U.S. operations grew 4%, reflecting volume growth primarily driven by GLP-1 in obesity. International operations grew 10%, mainly driven by region UCAN. From a therapy point of view, obesity care sales increased by 16%, driven by volume growth across the Vigobi product portfolio in both U.S. and I.O. Partially offset by lower realized prices. Our GLP-1 sales in diabetes increased by 2% driven by U.S. operations. GLP-1 diabetes sales in U.S. benefited from a growth to net rebate adjustments related to prior periods. And with that, over to you, Jamey.