This meeting reviewed No Nordics' performance in the first half of 2025, including sales and profit growth, and adjusted the annual sales expectations, mainly due to the slowdown in the growth of the obesity and diabetes markets in the United States. The company emphasized its achievements in sustainable development, patient services, new drug research and development, and partnerships, while also looking ahead to future strategic priorities.

In the first half of 2025, global total sales increased by 18%, with diabetes and obesity treatment drugs performing well, particularly GLP-1 drugs. The US market saw growth through adjustments and channel optimization, while the international market performance varied due to different product portfolios and geographic regions. Sales of rare disease drugs grew by 15%, mainly benefiting from the increased market acceptance of Novo Nordisk's Tropin and Sequoia. Sales of diabetes care products in the US increased by 9%, while sales of obesity care products grew by 58%, mainly due to the increased market penetration of drugs like Ozempic.

In the first half of 2025, sales of GLP-1 products in the US and European markets have significantly increased, particularly in the field of obesity treatment. Despite facing challenges from the illegal compound market, the company has expanded its market share through innovative marketing, direct-to-patient services, and partnerships. At the same time, it is actively advancing the approval of new products and global market layout, and is expected to continue expanding market coverage to more countries in the second half of the year.

The dialogue emphasizes the huge unmet needs of global diabetes and obesity patients, pointing out that currently only a few patients can access GLP-1 drugs or branded weight-loss drugs. Companies promise to expand market coverage, introduce new channels and treatment options, and reduce barriers to accessing innovative therapies through investment in the value chain. Particularly focusing on the potential of the obesity market, aiming to meet the needs of patients with different BMIs through a diverse product portfolio, providing both rapid and gradual treatment options, while ensuring safety and effectiveness.

Reviewing the safety and efficacy data of Amacrine drugs in the Phase 1 B2 A trial, significant weight loss effects were demonstrated at different doses. Based on discussions with regulatory agencies, a comprehensive Phase 3 development project called 'Amaze' is planned to be launched in early 2026, aiming to evaluate the potential application of Amacrine in various obesity-related comorbidities, including cardiovascular disease, chronic kidney disease, and others, in order to unlock its broad potential in the field of obesity treatment.

The conversation outlined key milestones in pharmaceutical research and development in 2025, including the initiation of Phase III trials for CACOCERIA in the field of obesity, positive opinions from EMA for the diabetes treatment drug SEMAFOR, submission of the application for the cardiovascular disease drug ESSENCE in Japan, and the expected results of the Phase III trials for EVO and EVO+ in Alzheimer's disease. Additionally, it mentioned the approval of EHEMA treatment drugs for hemophilia A and B, as well as progress in new drug development in the cardiovascular disease and emerging APY fields, demonstrating innovation and challenges in the pharmaceutical industry across multiple disease areas.

In the first half of 2025, sales increased by 16% and 18% respectively in Danish krone and fixed exchange rates, driving the development of the two major operating units. However, the gross profit margin decreased from 84.9% to 83.4%, mainly due to increased costs of capital amortization, depreciation, and capacity expansion. Sales and distribution costs rose by 15%, administrative costs increased by 10%, while operating profit and EBITDA increased by 25% and 60% respectively. Net profit and earnings per share increased by 22% and 23% respectively. Free cash flow decreased to 336 billion Danish krone, mainly due to increased capital expenditure. The board of directors decided to increase the interim dividend by 7% and has returned 365 billion Danish krone to shareholders. Sales growth in 2025 is expected to be between 8% and 14%, while operating profit is expected to increase by 10% to 60%.

The forecast for sales and operating profit growth in 2025 has been lowered due to decreased expectations for growth in the US obesity and diabetes markets. Net financial projects are expected to grow again, primarily driven by anticipated currency gains, especially in the US dollar, partially offset by interest expenses related to debt financing. The effective tax rate is expected to remain at 21%-23%, with capital expenditures projected at 650 billion Danish kroner, and free cash flow is affected by lower-than-expected sales growth. Despite the adjustment in the annual outlook, the company remains confident about the future and is committed to continuing to treat more patients with chronic diseases.

The high-level personnel changes at Novo Nordisk were announced, including the merger of the research and early development departments, the appointment of a new Chief Scientific Officer and International Operations Leader, and gratitude towards the former leadership. It was emphasized that the focus in the future will be on improving innovation levels, optimizing business execution and operational efficiency to address challenges in the field of chronic disease treatment.

Discussed the impact of updates to US health insurance policies on drug coverage populations, as well as legal actions taken by companies against the marketing of illegal compounds. At the same time, analyzed the reasons for the increase in inventory in the Chinese market, as well as strategic adjustments in response to intensifying competition, including potential changes in research and development as well as business strategies.

The discussion revolved around the growth of the Chinese market, pointing out that the slowdown in growth was not due to a decrease in market share, but rather the need to adjust after clearing the backlog of pre-sales inventory for the Gobi model last year. It emphasized the need to accelerate the market expansion of GLP products, especially in the fields of diabetes and obesity, by covering a wider area through online and offline channels and increasing sales team investment. It expressed confidence in the future Chinese market based on huge unmet demand and an excellent team. It also mentioned the follow-up discussion on strategic building blocks.

The discussion focused on shifting the company's strategic focus towards the treatment of diabetes and obesity, emphasizing the importance of execution efficiency, and proposing the need to optimize cost structures to support future growth and ensure not falling behind competitors.

The drivers of CVS growth, including new marketing activities and channel expansion, were discussed, and their impact on overall performance was evaluated. At the same time, forecasts for future sales growth were made, pointing out that despite market fluctuations, the company remains optimistic about growth potential based on existing product portfolio and development of new channels.

Discussed the current production capacity expansion situation of the company, indicating that the capacity is sufficient to support the accelerated development of IO, and it is expected to launch obesity treatment drugs in the United States next year in a non-supply-restricted manner. Also mentioned the possibility of market performance trending towards stability due to supply chain issues.

Discussed priority development strategies in the diabetes and obesity drug market, emphasizing market expansion for Zimbe and Bogovi products, as well as commercial investment and execution for Ozempic and Mogobe.

The company explained the reason for terminating the development of the Fgf 21 target drug, stating that no significant improvement in efficacy was seen in comparison trials with semaglutide. Although the biological value of Fgf 21 is still recognized, the company has decided not to continue advancing this project in light of the current market competitive landscape. Meanwhile, the company remains optimistic about the development of another drug, Mash, whose data package has received priority review from the FDA, with results expected this quarter. The company emphasized that it will continue to focus on the development of assets with differentiation advantages.

Discussed pricing strategies for the second quarter, especially price trends and market performance of Govi and Zen. At the same time, analyzed how the launch of Surpass Cbot could potentially change the competitive landscape within the diameter market, especially in competition with Aspi.

The dialogue delved into global pricing strategy, emphasizing that the main reasons for price erosion in the second quarter were channel optimization and increased convenience in patient acquisition, as well as the significant performance of product advantages in the market competition, especially in the remarkable effects of cardiovascular risk reduction. This highlights the importance of strategic targeting different patient groups and doctors in market expansion.

The discussion revolves around the expected time and amount for adjusting capital expenditures to maintain the levels and the potential impact of We Go restarting on the changing trends in cash channels. Participants inquired about when capital expenditures can be reduced to long-term maintenance levels and the expected amount, while also exploring the importance of the change in cash channel adoption rates after We Go restarts.

Discussed the relationship between capital expenditures (CapEx) and long-term growth opportunities for the company, emphasizing the importance of CapEx investments in core businesses and assets, and predicting that CapEx will gradually decrease in the coming years. At the same time, expectations for product launches in the U.S. market were mentioned, including rapid market entry plans after product approval and a multi-channel sales strategy to meet the needs of different patients.

Discussed the assumptions affecting annual revenue growth, as well as the possibility of stagnant or decreasing revenue in the next fiscal year. At the same time, issues regarding the clinical trial scale and market access requirements of single-chamber equipment for R&D projects were raised, as well as considerations on whether the current production capacity meets demand.

The conversation revolved around the adjustment of the pharmaceutical company's guidelines, progress in product development, and future plans. The company emphasized that their guidelines are based on current trends but are flexible to respond to unforeseen events. At the same time, the company is pushing forward with the clinical equivalence validation of its products, without the need for a complete phase III clinical trial. Additionally, the company is confident in its future market performance, expecting to demonstrate its strength through empirical data, and expressed gratitude and blessings to the senior executives who are about to depart.