Novo-Nordisk CMD 2026

Welcome to all of you here in beautiful London, as well as to all of you who are joining us online. I think it's an understatement to say we've been looking very much forward to today. The reason for that is that we're incredibly excited to tell our story to you. We are incredibly convicted that there is a bright future for Novo, but we also realize that it's not enough for us to be convicted. We have to convince you, and that starts with a bit of a story. It starts with where are we going to go? How are we going to get there? Maybe more importantly, how should you hold us accountable along the journey? That's what we're going to do today. Our story really starts with this slide. It's a slide that shows, on one hand, how large the market for Novo Nordisk is.

On the other hand, how horrible this unmet need is for billions of people that are suffering every single day. Yet, Novo, of course, has treatments for many of them. We are very proud that 46.5 million people wake up every single day using one of our products. While we are proud of the number 46.5 million, these are billions. The gap is incredibly large, and we need to somehow close the gap. We need to work harder, and we will. Of course, unmet need on its own does not translate into good business proposal. We need to be able to develop medicine, best-in-class medicine. We need to be able to make plenty of it, and we need to make sure that somehow our medication gets connected to a good portion of these individuals through access, affordable access.

We will be able to share all of that with you today as we go through our presentations, how we're planning to make medications, how to make them in abundant, and how to provide access. By the end of today, when you leave through these doors and the Capital Market Day is finished, we have a hope that we've been able to somewhat explain the story of our growth and the diversification of our pipeline. We need to be able to show you through our pipeline that we can make medication that is diversified and goes across different therapy areas. We will also need to explain to you that we need to be able to go from science to some incredibly successful launches over this period, giving us a sustainable growth for years to come.

Last but not least, we'll need to invest in R&D and in our commercial activities to remain competitive, but also have the discipline to be incredibly cost-conscious where we need to be, so we can deliver attractive returns. For the agenda of today, we'll take you from strategy all the way towards execution. I'll start by setting the direction, by explaining where we need to go, where we are planning to end up in 2030, and even beyond. Then I will have Martin come and explain about science, how we're planning to fuel all that scientifically based on innovation. Together with Hong, they will talk about the portfolio strategy and where to play and what gives us the right to win in playing in those areas.

Then we'll move to execution. I'll have my colleagues, Jamey and Emil, on each side of the Atlantic, telling you how they are operating now and how they plan to continue that operation as we go forward. We'll have Kasper explain to you how we're going to be okay supply-wise, and how we're going to make plenty of these products to make them available. Carsten will come at the end, put it all together, and try to tell you what our financial ambition is going to be. This is really the team who's going to drive this today, but also lead 67,000 individuals afterwards as we go back home executing on these strategies. It's a group of people that many of you know already, some familiar faces, but there are also some new ones in there. Despite their diversity, what unifies them is their experience.

A very large amount of pharma experience is within this single picture. Experience is important, but I would say much more important than that is a can-do attitude. It's compassion, commitment, and the general conviction that we're going in the right direction, and they have that. You can test that during the breaks and the lunch. Grab them, please, and try and see are we in the right hand or not? I am incredibly proud of this team, and you can be the judge yourself as we go forward. We're going to need all their energy because the environment around us has fundamentally changed over the last even, I would say, five years ago. There are so many things that are different today than maybe even the last time where we had a Capital Market Day. Consumerism was not in our vocabulary last time we met.

Today, many of our patients act more and more as consumers do. We have a situation where competition, as we are seeing it, has never been, at least in Novo's historical back. For decades long, this company operated in what you could argue as a duopoly often. Thanks to us, we created an incredibly attractive market, and now almost every other single pharma company, big or small, is trying to come and compete with us. We need to be ready for that. Of course, semaglutide became incredibly an important molecule in our industry, but so will the attention to its loss of exclusivity. We are seeing the early signs, of course, of that as some of the markets have gone LOE. Last but not least, price and access is also very different than what it just was a few years back.

Yes, there's price pressure, healthcare pressure, as it was always there. But there are new dynamics that are certainly new to us. Who would have thought just a few years back that 90% of our Wegovy pill sales will go through a cash channel in the U.S.? It is very different than before. Now we need to have a response to all of that, and the good news is that we do. We do recognize it, and we actually think we have a response to all of that. If you think commercially, we are now running almost as an analogy, an airplane with two engines. We knew how the original engine works incredibly well. This is the healthcare professional world, the hospital setting, our sales force in the front line, going and convincing the physicians about our value and getting a prescription.

That we know incredibly well, better than anyone else. We also, during the last couple of years, had to very quickly learn the second engine, the consumer engine. Not speak only to KOLs, but DOLs, digital opinion leaders. We have built a second-to-none version of the second engine also, I would say thanks to our entrance with semaglutide in obesity. We had to really hurry up and make sure that the demand is matched with supply, and I think all of that is public information now. Through that process, we also learn a lot. One of the better decisions I would subjectively say we made when I became a CEO was put the research and development together. They belong together. In less than 12 months, we started to see the benefits of the R&D being united again. We are launching while we are doing all of this.

We are transforming while we basically are performing on the basis that we have had. We are also relooking at our organization. Today we have 66,000 individuals, and that is substantially lower than just 12 months back. We are trying to simplify the company, have less committees, have less bureaucracy, and do more work, and do it with a sense of urgency. I would dare to stand here with all the subjectivity that I have and say early signs are pretty good, just 12 months into our transformation. We look back and we try to see, has some of that shown an impact already? I would dare to say I think they have. The 7 million prescriptions that has been so far written for Wegovy pill makes it the best product launch in volume in U.S. across all different companies. That is pretty good, and I think we do get credit for that.

Perhaps equally excited, coming from a commercial background, I get when I look at our market share graphs. They used to be going down for a period of time. We stabilized it, and over the last number of months, we have gained market share quite a bit, and both Jamey and Emil will show you those numbers as we go through. That is something we are very proud of and something we are working hard to retain. Last year, for the entirety of 2025, we brought three programs into clinical development, first human dose. As I stand here in August, September, we ended up basically having five so far, and Martin will show you that the numbers are going to go up much, much higher than this before we finish this year. That is speed, and perhaps connected to the unification of the organization I just spoke to.

We made an incredibly difficult decision to say goodbye initially to 9,000 individuals, and then afterwards a further 4,000 have left the company. These are not easy decisions for us, but they were necessary. They were incredibly important as we are using the funds coming through this exercise to fuel for the future, fuel the R&D organization, as well as, of course, make ourselves more competitive. All of that brings me to our so-called updated corporate strategy. This is where we are going to go. We are going to start with what we know and we do incredibly well. That is our core, diabetes and obesity. This should not be a surprise to you. We do this incredibly well. We will strengthen our diabetes care, and you will see how shortly when my colleagues come on the podium.

We recognize that a lot of growth will come from obesity, so we will expand from that. We will show you one of the broadest pipeline and explain more details into exactly how we are going to play with that. We also have decided that it is time to further diversify the company to build out future growth engines. To do that, first and foremost, we looked into some of our expertise. We have decades-long expertise and great people and scientists within rare blood disorders that we have operated in. We are broadening that. We are going further into that area and creating a new segment called blood and endocrine disorder. We have some fantastic drugs already on the market, and we are incredibly proud of some of the new ones that are coming very soon. You will hear about those also from my colleagues as they get on.

Liver disease is an obvious place for us to also go. We have an indication with semaglutide, but that is not enough. We have some other assets, think about efroxifermin, that are exciting us incredibly a lot. Think about a person that might be worried about getting a liver transplant, and this drug might actually avoid that surgery. More to come. So that is an obvious place to go as well. The other obvious place is CV. Despite the setback that we all noticed with our ZEUS trial, this is a very obvious location for us to continue exploring and expanding upon when it comes to cardiometabolics. So CV also will be explained to you in the session. Then there is this third bucket, exploration of consumer Rx. What is that? This is where serious condition prescription medication meets incredibly strong consumer demand.