Novo Nordisk A/S Class B

Strong commercial momentum in obesity/GLP-1 despite price pressure - Q2’26 adjusted sales: +7% (CER) to DKK 78.5bn, driven mainly by GLP-1 volume growth; lower realized prices partially offset. - Obesity franchise: +16% sales (volume-led across Wegovy portfolio), but realized prices were softer. - U.S. (Q2): +4% sales, with growth primarily from GLP-1 obesity volume. - International (Q2): +10% sales, led by EU/CAN.

Wegovy pill ramp is real and fast—~90% share of oral obesity market in competition context - U.S. launch of Wegovy pill: strong uptake 6 months in; >5 million total prescriptions. - Launch speed: 1st 1m TRx took 12 weeks, last 1m TRx added in ~4 weeks; weekly prescriptions ~267k (as of July 17). - Competition impact: Wegovy pill has captured ~90% of the oral obesity medication market after early-April competitive launches. - Ex-U.S.: U.K. launch has been rapid—~300k patients started in ~3 weeks (vs 48k for U.S. early trajectory noted by interviewer); Germany pill rollout expected next (starting Sept). - Key opportunity: pill adoption appears to expand the market (they cite ~80% of patients are GLP-1 naïve), not just cannibalize injectables.

Access remains the binding constraint (especially self-pay)—Medicare/65+ expansion is a bright spot - They explicitly state “quality of access” remains poor; most prescriptions are self-pay in obesity. - U.S. price/realized price pressure is ongoing, but they believe access programs can unlock more patients: - Medicare Part D “Bridge program” (65+): early participation strong. - Expansion channels: NovoCare Pharmacy, telehealth collaborations. - Mix shift: U.S. Wegovy injectable self-pay rose to ~35% (from ~10–15% a year ago), which they present as a volume unlock and not significant direct pill cannibalization.