Novo Nordisk A/S (NVO) Q2 2024 Earnings Convention Name August 7, 2024 7:00 AM ET
Firm Contributors
Jacob Martin Wiborg Rode – Head of Investor RelationsLars Fruergaard Jørgensen – Chief Government OfficerCamilla Sylvest – Government Vice President, Head of Business Technique & Company AffairsDoug Langa – Government Vice President, Head of North America OperationsMartin Holst Lange – Government Vice President, Head of DevelopmentKarsten Munk Knudsen – Chief Monetary Officer
Convention Name Contributors
Emily Discipline – BarclaysEvan Seigerman – BMO Capital MarketsSachin Jain – Financial institution of AmericaRichard Vosser – JPMorganPeter Verdult – CitigroupJames Quigley – Goldman SachsEmmanuel Papadakis – Deutsche BankSimon Baker – Redburn AtlanticMark Purcell – Morgan Stanley
Operator
Good day, and thanks for standing by. Welcome to the First Six Months of 2024 Novo Nordisk A/S Earnings Convention Name. [Operator Instructions] Please be suggested that at this time’s convention is being recorded.
I’d now like at hand the convention over to your first speaker at this time, Jacob Rode, Head of Investor Relations. Please go forward, sir.
Jacob Martin Wiborg Rode
Thanks. Welcome to this Nova Nordisk Earnings Name for the First Six Months of 2024. My identify is Jacob Martin Wiborg Rode and I am the Head of Investor Relations at Nova Nordisk. With me at this time, I’ve CEO of Novo Nordisk, Lars Fruergaard Jorgensen; Government Vice President and Head of Business Technique and Company Affairs, Camilla Sylvest; Government Vice President and Head of North America Operations, Doug Langa; Government Vice President and Head of Improvement, Martin Holst Lange; and at last, Chief Monetary Officer, Karsten Munk Knudsen. All audio system can be out there for the Q&A session.
Right this moment’s announcement and the slides for this name can be found on our web site, novonordisk.com. Please be aware that this name is being webcasted stay and a recording can be made out there on our web site as properly. The decision is scheduled to final 1 hour.
Please flip to the following slide. The presentation is structured as outlined on Slide 2. Please be aware that every one gross sales and working revenue development statements can be at fixed trade charges except in any other case specified.
Please flip to the following slide. We have to advise you that this name will include forward-looking statements. These are topic to threat and uncertainty that might trigger precise outcomes to vary materially from expectations. For additional info on the chance elements, please see the corporate announcement for the primary six months of 2024, in addition to the slides ready for this presentation.
With that, over to you Lars for an replace on our strategic aspirations.
Lars Fruergaard Jørgensen
Thanks, Jacob.
Please flip to the following slide. Within the first six months, we delivered 25% gross sales development and 19% working revenue development, each at fixed trade charges. The working revenue development was impacted by the impairment loss associated to ocedurenone.
I would like to begin this name by going by the efficiency highlights throughout our strategic aspirations earlier than handing over the phrase to my colleagues. Beginning with our concentrate on goal and sustainability, we are actually serving greater than 42 million sufferers with our diabetes and weight problems therapies. Our whole carbon emissions rose by 31% as in comparison with the primary six months of 2023. This was primarily pushed by our elevated investments in capital expenditure to satisfy the excessive demand for our merchandise.
To uphold our dedication to being a sustainable employer, we expanded the variety of girls in senior management positions to 41%, in comparison with 40% within the first six months of 2023. Throughout all management positions, 46% are held by girls. Inside R&D, we had various thrilling readouts this quarter, together with the constructive Mim8 part 3 outcomes. Martin will come again to this and our general R&D milestones later.
The quarterly gross sales development displays strong business execution throughout each working items. The efficiency within the first six months has enabled us to boost our outlook for the total yr. Camilla and Doug will undergo the main points later. Karsten will undergo the financials, however I am more than happy with our efficiency within the first six months of 2024.
With that, I am going to give the phrase to Camilla for an replace on business execution.
Camilla Sylvest
Thanks, Lars.
And please flip to the following slide. Within the first six months of 2024, our whole gross sales elevated by 25% at fixed trade charges. The gross sales development was pushed by each working items, with North America operations rising 36% and worldwide operations rising 11%. Within the U.S., gross sales development was positively impacted by gross-to-net gross sales changes associated to prior years.
Our GLP-1 gross sales elevated in diabetes by 32%, pushed by North America operations rising 39% and worldwide operations rising 20%. Insulin gross sales elevated by 10%, pushed by North America operations rising 36% and worldwide operations rising 3%.
Weight problems Care gross sales elevated 37%, pushed by North America rising 35% and worldwide operations rising 47%. In worldwide operations, we proceed to roll out Wegovy progressively with quantity cap launches to steadiness provide and demand. In each geographies, development was pushed by Wegovy, partly offset by declining Saxenda gross sales because the market is shifting in direction of once-weekly therapies. Uncommon illness gross sales decreased by 3%.
Please flip to the following slide. With 25% gross sales development in Diabetes Care, we’re rising sooner than the full diabetes market. Because of this, our world diabetes worth market share elevated to 34.1%. That is above our strategic aspiration of reaching one-third of the worldwide diabetes worth market in 2025. The rise displays market share beneficial properties in each North America operations and worldwide operations.
Please flip to the following slide. In worldwide operations, Diabetes Care gross sales elevated by 11% within the first six months of 2024, which was primarily pushed by GLP-1 gross sales rising 20%. Novo Nordisk is the market chief in worldwide operations with a GLP-1 worth market share of 69%. Ozempic continues its GLP-1 market management with 46.6% market share. We additionally happy to see Rybelsus growing its market share to greater than 16%, pushed by strong uptake throughout geographies.
And with that, I’ll hand over to Doug.
Doug Langa
Thanks, Camilla.
Please flip to the following slide. Gross sales in North America is pushed by market share beneficial properties and wholesome prescription quantity development of the GLP-1 class above 10% within the second quarter this yr in comparison with the second quarter final yr. Gross sales of GLP-1 diabetes care merchandise within the U.S. elevated by 42% at fixed trade charges.
The gross sales improve was primarily pushed by a continued uptake of Ozempic. Measured on whole prescriptions, Nova Nordisk expands its market management now with round 56% market share. Be aware that the gross sales development of Ozempic was negatively impacted by periodic provide constraints to start with of the yr. Please go to the following slide.
To safeguard continuity of take care of Wegovy, we decreased the provision of the decrease dose strengths in Could of 2023, which continued all through the rest of final yr. To start with of this yr, we progressively began growing the provision of the decrease dose strengths and I’m happy to see that this has been mirrored in prescriptions and we are actually seeing greater than double the variety of prescriptions out there, in comparison with the start of the yr. Additional, whereas demand continues to be anticipated to exceed provide, we develop extra assured in our skill to produce. We’ll proceed to dynamically handle provide, however solely the initiation dose power of 0.25 milligrams.
Wegovy nonetheless has broad market entry with protection for greater than 50 million folks with weight problems and importantly, round 10 million weak folks with weight problems now have entry to Wegovy by channels corresponding to Medicaid, which is now out there in additional than 20 states. Finally, our focus is to achieve extra sufferers dwelling with weight problems and as volumes go up, costs will come down. Within the first six months of 2024, gross sales development was pushed by elevated volumes, partially countered by decrease realized costs. Subsequent slide, please.
Our uncommon illness gross sales decreased by 3%. Gross sales in worldwide operations declined by 14%. This was partly offset by a 13% gross sales improve in North America operations, reflecting the Sogroya launch and constructive gross-to-net changes associated to prior years within the U.S. Uncommon blood dysfunction gross sales decreased by 2%, pushed by decrease NovoSeven and hemophilia A gross sales. This was partially countered by elevated hemophilia B gross sales. Uncommon endocrine dysfunction gross sales decreased by 8%. We’re engaged on re-establishing full provide capability of uncommon endocrine dysfunction merchandise following a discount of producing output.
Now over to you Martin for an replace on R&D.
Martin Holst Lange
Thanks, Doug.
Please flip to the following slide. I am more than happy to share the outcomes of the FRONTIER 2 Part 3 trial with Mim8, which we offered headline outcomes for again in Could. The total dataset was additionally disclosed on the ISTH in June.
Earlier than I stroll you thru the outcomes, I wish to briefly remind you of the progressive medical trial design. FRONTIER 2 was a pivotal Part 3 26-week open-label, randomized, managed, and multi-arm trial. The trial investigated the efficacy and security of once-weekly and once-monthly subcutaneous Mim8 versus no earlier prophylaxis therapy or on-demand therapy and versus prior coagulation issue prophylaxis therapy.
254 folks aged 12 years and older with hemophilia A, with or with out inhibitors had been included within the trial. The co-primary endpoint was imply annualized bleeding charge for handled bleeds for each once-weekly and once-monthly Mim8 versus on-demand therapy and versus prior coagulation — issue prophylaxis therapy.
Please flip to the following slide. Total, in FRONTIER 2, Mim8 demonstrated superiority of Mim8 prophylaxis with each weekly and month-to-month doses. Within the on-demand therapy inhabitants, Mim8 demonstrated superior reductions of 97% and 99% in estimated imply annualized bleeding charge for once-weekly and once-monthly therapy, respectively. This was in comparison with these receiving continued on-demand therapy.
Within the intra-patient comparability, in folks with prior coagulation issue prophylaxis, Mim8 demonstrated superior reductions of 48% and 43% in estimated imply annual bleeding charges for once-weekly and once-monthly therapy, respectively. Of be aware, within the inhabitants with prior on-demand therapy, 86% and 95% of individuals receiving once-weekly and once-monthly Mim8 therapy, respectively, skilled zero handled bleeds. Within the inhabitants with prior coagulation issue prophylaxis, 66% and 65% of individuals receiving once-weekly and once-monthly Mim8, respectively, had zero bleeds.
Within the trial, Mim8 appeared to have a secure and well-tolerated profile with no thromboembolic occasions noticed and no proof of neutralizing anti-Mim8 antibodies. Additional, solely 5% to 10% — sorry, 5% to 12% of sufferers expertise injection web site reactions throughout all 5 therapy arms. In conclusion, we’re very excited in regards to the FRONTIER 2 outcomes.
Given the differing wants of individuals dwelling with hemophilia A once-weekly or a once-monthly dosing offers optionality and adaptability for folks dwelling with hemophilia A with and with out inhibitors. We now count on to file for first regulatory approval of Mim8 in the course of the first half of 2025. Subsequent slide, please.
Turning to diabetes, I’d additionally wish to share the outcomes from the COMBINE 1 trial, which investigated the usage of once-weekly IcoSema, a mixture of once-weekly insulin icodec and once-weekly semaglutide in folks with Sort 2 Diabetes. The target of the 52-week trial was to evaluate the efficacy and security of switching to once-weekly IcoSema, in comparison with once-weekly insulin icodec alone in folks with Sort 2 diabetes inadequately managed on a day by day basal insulin with or with out oral anti-diabetic medicine. The trial achieves its major endpoint with IcoSema demonstrating superiority in decreasing A1C at week 52 with once-weekly IcoSema in contrast with insulin icodec.
From an general HbA1c baseline of 8.2%, IcoSema achieved an estimated discount in A1c of 1.6 proportion factors, in comparison with 0.9 proportion factors for insulin icodec. Folks within the trial had a baseline physique weight of 48 — sorry, 84.5 kilograms. Remedy with IcoSema achieved a superior change in physique weight with a weight lack of 3.7 kilograms in contrast with a 1.9 kilograms weight achieve with insulin icodec. The estimated therapy distinction was 5.6 kilogram.
Within the trial, the speed of clinically important or extreme hypoglycemia was statistically considerably decrease with IcoSema at 0.14 occasions per affected person years of publicity versus 0.63 occasions per affected person yr of publicity with once-weekly insulin icodec. Within the trial, once-weekly IcoSema appeared to have a secure and well-tolerated profile. Now that the third and final pivotal Part 3 is accomplished, we count on to file for regulatory approval of IcoSema in the course of the second half of 2024.
Subsequent slide, please. Now I wish to spotlight a number of the further thrilling R&D information, together with trial readouts and initiations as anticipated for the remainder of the yr. Inside diabetes, insulin Icodec below the model identify of Awiqli has been permitted in a number of nations. Within the U.S., nevertheless, we’re upset to have acquired an entire response letter from the FDA for insulin Icodec.
The letter outlined requests associated to the manufacturing course of and the Sort 2 — sorry, the Sort 1 diabetes indication earlier than the appliance overview might be accomplished. We’re evaluating the content material of the CRL and can work carefully with the FDA to meet — fill the requests. We don’t count on to have the ability to fulfill the request throughout 2024.
Within the first half of this yr, the move knowledge had been submitted as a label enlargement utility to the FDA within the U.S. and to the European regulatory authorities. Submissions to regulatory authorities in Japan and China are anticipated within the second half of 2024. Moreover, within the second half of this yr, we’re anticipated to see the readout of the STRIDE consequence trial with Ozempic 1.0 milligram in peripheral artery illness.
Additional, we additionally count on readout of the SOUL cardiovascular outcomes trial with the Rybelsus 14 milligram. Each trials are anticipated to additional strengthen the great cardiometabolic proof that now we have for semaglutide. Additionally, within the second half of the yr, we sit up for provoke a Part 2 research for Amycretin, demonstrating our dedication to repeatedly elevating the innovation behind diabetes.
Transferring to weight problems care. Within the second quarter, we efficiently accomplished the OASIS 4 trial. OASIS 4 investigated once-daily semaglutide 25 milligrams for weight administration in add-ons with weight problems or chubby with a number of comorbidities. The trial achieved its major endpoint with all semaglutide 25 milligrams demonstrating superiority in comparison with placebo with respect to vary in physique weight. From a baseline physique weight of 105.9 kilograms, oral semaglutide 25 milligram achieved a 13.6% discount in comparison with 2.2% discount with placebo.
The worldwide launch of oral semaglutide 25 milligram is contingent on portfolio prioritization and manufacturing capability. For Wegovy, we acquired regulatory approval for the therapy of weight problems or chubby in China and within the EU, the EMA adopted a constructive opinion for an replace of the Wegovy label to replicate knowledge from the choose file.
The SELECT cardiovascular outcomes trial demonstrated that Wegovy statistically — considerably decreased the chance of main hostile cardiovascular occasions by 20% in comparison with placebo. The label replace may even embrace choose knowledge exhibiting a numerical threat discount in cardiovascular dying by 15%, a major threat discount of dying from any trigger by 19%, in addition to a major threat discount of 18% in coronary heart failure composite endpoints.
Final for Wegovy, primarily based on interactions with the FDA, we determined to withdraw the outcomes from the steatohepatitis trials for regulatory overview within the U.S. and EU to additional substantiate the chance of getting arduous endpoints into the label replace. We now count on to resubmit the file to start with of 2025 with further related knowledge. We stay excited in regards to the potential of semaglutide 2.4 milligram on this inhabitants, given the info that we have seen from the 2 accomplished steatohepatitis trials.
Wanting forward, we’re within the second half anticipating Part 2 outcomes for Monlunabant, in addition to Part 3 outcomes for the step-up trial with semaglutide 7.4 — 7.2 milligrams across the flip of the yr. Lastly, we anticipate first Part 3 outcomes for REDEFINE 1 with CagriSema and weight problems. With all of this exercise, we’re assured with the progress we’re making in direction of growing superior therapy options for folks with weight problems.
Inside cardiovascular and rising remedy areas, we in June 2024 introduced that the CLARION-CKD Part 3 trial involving ocedurenone was terminated. This was primarily based on an interim evaluation carried out by an unbiased monitoring committee that concluded that the trial met the pre-specified futility standards, which means that the trial, sadly, didn’t meet its major endpoint.
We have initiated a randomized and placebo-controlled Part 3 cardiovascular outcomes trial referred to as the ARTEMIS. The trial will assess the efficacy and security of semaglutide 15 milligrams in acute myocardial infarction. Lastly, we glance a lot ahead to the Part 3 readout of the ESSENCE trial investigating semaglutide 2.4 milligrams in MASH.
With that, over to you Karsten.
Karsten Munk Knudsen
Thanks, Martin.
Please flip to the following slide. Within the first six months of 2024, our gross sales grew by 24% in Danish kroner and 25% at fixed trade charges, pushed by each working items. Within the U.S., gross sales development was positively impacted by gross-to-net gross sales changes associated to prior years. The gross margin decreased to 84.9% in comparison with 85.1% in 2023. The decline is especially pushed by elevated prices associated to ongoing capability expansions. That is partially countered by a constructive worth affect from gross to web changes associated to prior years within the U.S., along with constructive product combine reflecting elevated gross sales of GLP-1-based therapies.
Gross sales and distribution prices elevated by 5% in Danish kroner and by 6% at fixed trade charges. The rise in gross sales and distribution prices is impacted by changes to authorized provisions within the second quarter of 2023. In North American operations, the fee improve is especially pushed by promotional actions associated to Wegovy. Whereas in worldwide operations, the rise is especially associated to promotional actions for Rybelsus, in addition to weight problems care market improvement actions.
Analysis and improvement price elevated by 79% measured in Danish kroner and by 78% at fixed trade charges. The rise in price is especially pushed by elevated late-stage medical trial exercise and elevated early analysis actions, in addition to the impairment associated to Ocedurenone of DKK5.7 billion and different impairments of intangible belongings. Administration prices elevated by 8% measured each in Danish kroner and fixed trade charges.
Working revenue elevated by 18% measured in Danish kroner, and by 19% at fixed trade charges. Working revenue is impacted by the impairment loss associated to Ocedurenone of DKK5.7 billion.
Internet monetary gadgets confirmed a web lack of DKK530 million, in comparison with a web achieve of DKK96 million final yr, primarily reflecting hedging losses on the U.S. greenback. The efficient tax charge was 20.6% within the first six months of 2024 in comparison with 19.9% within the first six months of 2023. Internet revenue elevated by 16% and diluted earnings per share elevated by 17% to DKK10.17. Internet revenue is negatively impacted by the DKK5.7 billion impairment of ocedurenone.
Free money move realized in first half of 2024 was DKK41.3 billion in comparison with DKK45.5 billion within the first six months of 2023. The decrease free money move displays growing capital expenditure, in addition to acquisition of intangible belongings. That is partially countered by web money generated from working acts. The impairment of the intangible asset of ocedurenone of DKK5.7 billion has no affect on free money move.
Capital expenditure for property, plant, and tools was DKK18.9 billion in comparison with DKK10.6 billion in 2023. This was primarily pushed by investments in further capability for API manufacturing and fill-finish capability for each present and future injectable and all merchandise. Please go to the following slide.
A key precedence for Novo Nordisk is to make sure enticing allocation of capital to shareholders. For 2023, the full dividend per share elevated 51.6% to DKK9.40. For 2024, the board of administrators has determined to pay out an interim dividend of DKK3.50 per share which might be paid out in August of this yr. Now we have returned greater than DKK38 billion to shareholders by dividends and share buybacks within the first six months of 2024.
Our ongoing repurchase program for the total yr quantities to as much as DKK20 billion, a discount from DKK30 billion allotted final yr. This allocation aligns with our strategic capital allocation technique for Novo Nordisk. We prioritize investing in inner development alternatives, returning capital to shareholders by dividends and enterprise improvement actions. Lastly, we glance in direction of share buyback program as a versatile measure contingent on the primary three priorities to distribute extra money.
We continued the expansion momentum in 2024 and have raised our gross sales development outlook to between 22% and 28% at fixed trade charges. The up to date gross sales outlook at fixed trade charges displays larger full-year expectations for each working items.
The steering displays expectations for gross sales development in each North America operations and worldwide operations, primarily pushed by quantity development of GLP-1-based therapies for weight problems and diabetes care. With the expectation of continued quantity development and capability limitations at some manufacturing websites, the outlook additionally displays anticipated continued periodic provide constraints and associated drug scarcity notifications throughout various merchandise and geographies.
Novo Nordisk is investing in inner and exterior capability to extend provide, each quick and long-term. Working revenue development outlook is now anticipated to be between 20% and 28% at fixed trade charges. The up to date expectation displays the impairment loss mirrored to ocedurenone communicated in June of detrimental 6 proportion factors. Excluding this affect, we now count on a constructive 4 proportion level improve on working revenue development expectations for the total yr. That is pushed by the up to date elevated gross sales outlook in comparison with earlier expectations.
Capital expenditure continues to be anticipated to be round DKK45 billion in 2024, reflecting enlargement of the worldwide provide chain. Free money move is now anticipated to be between DKK59 billion and DKK69 billion, reflecting the gross sales development a positive affect from Rybelsus within the U.S., countered by investments in capital expenditure. The up to date money move expectation primarily displays the elevated gross sales development outlook.
Revenue below the 340B program has been partially acknowledged. One ruling from the U.S. Court docket of Appeals for the Seventh Circuit stays pending and together with the DC Circuit ruling could also be topic to additional discretionary appellate overview earlier than the U.S. Supreme Court docket. Relying on the result of any subsequent rulings and appeals In these issues, there could also be a cloth affect on Novo Nordisk monetary place, web gross sales, and money move. Monetary impacts associated to and following the anticipated closing of the Catalent transaction haven’t been included within the monetary steering.
That covers the outlook for 2024. Now again to you, Lars.
Lars Fruergaard Jørgensen
Thanks, Karsten.
Please flip to the ultimate slides. We’re more than happy with the gross sales development within the first six months of 2024. The expansion is pushed by growing demand for our GLP-1-based diabetes and weight problems therapies and we’re serving extra sufferers than ever earlier than. Inside R&D, we’re more than happy with the primary Part 3 trial outcomes with Mim8 and its potential for folks dwelling with hemophilia, in addition to the advice for a label extension for cardiovascular threat discount for Wegovy in EU.
With that, I would like at hand over the phrase to Jacob.
Jacob Martin Wiborg Rode
Thanks, Lars.
Subsequent slide please. With that, we’re now prepared for the Q&A. The place I kindly ask all contributors to restrict her or himself to at least one or most two questions, together with sub-questions. Operator, we’re now able to take the primary query.
Query-and-Reply Session
Operator
[Operator Instructions] We’ll now take your first query. And your first query comes from the road of Emily Discipline from Barclays. Please go forward.
Emily Discipline
Hello, thanks for taking my questions. I’ve one on Wegovy pricing and one on Wegovy provide. The primary query on pricing, by way of the gross to web within the U.S., widening from 1Q to 2Q, are you able to assist us perceive the shifting elements right here? Is there a part of seasonality? How a lot resulting from competitors or how a lot resulting from channel combine, as you talked about extra penetrating into the Medicaid channel and now you can promote to the choose inhabitants in Medicare.
After which secondly on provide, it is nice to see the 0.5 mg and 1 mg doses of Wegovy coming off the FDA drug scarcity listing, though it does seem to be you are voluntarily preserving the 0.25 dosage capped with a purpose to restrict new sufferers. Do you count on this cover to proceed all through the remainder of the yr or may it’s listed earlier than the tip of 2024? Thanks.
Jacob Martin Wiborg Rode
Thanks, Emily, for these two questions. For the primary query, I am going to hand it over to Lars on general pricing dynamics earlier than turning to Doug on U.S. particular dynamics pricing-wise and in addition on the provision scenario. Lars?
Lars Fruergaard Jørgensen
Sure. Thanks. Emily. Thanks, Jacob. So I’d say, general, the present market construction is one, the place we actually compete and safe success primarily based on skill to produce. So it isn’t one the place, say, classical business techniques is dominating. And you must see, I’d say, our business methods in that perspective. You allude to the channel combine, and we additionally simply had in our transient that we are actually increasing entry in Medicaid. So now we have 20 states adopting Wegovy in Medicaid.
And naturally, with that enlargement, as we all know from all drug classes, once you transfer into a few of these channels, it comes at a decrease, say, web worth in these channels, which then has no all affect. However I’d say, we’re inspired with, say, a steady aggressive dynamics. And our focus is admittedly on securing provide to make it possible for we will function many sufferers as doable greater than others, say, more durable business techniques.
Jacob Martin Wiborg Rode
Thanks, Lars. And with that, I am going to hand over to you, Doug, on the U.S. specifics, in addition to on the provision scenario.
Doug Langa
Sure, thanks, Lars, and thanks for the query, Emily. So general, I would begin with, we’re happy with the Wegovy efficiency. Whether or not you have a look at the NBRx shifting from roughly 5000 new branded prescriptions firstly of the yr to 35,000 at present, or the TRx, which moved from 100,000 firstly of the yr to roughly 200,000 or doubling. We’re happy with that. We’re serving extra sufferers than ever earlier than, as Lars talked about earlier.
And market entry continues to be strong. As I had talked about, there’s over 50 million folks with weight problems and importantly, round 10 million weak sufferers which have entry by way of Medicaid in round 20 states. In order that’s strong and we’re happy with that. And in doing that, we’re seeing that nearly or above 80% of the sufferers are paying $25 or much less. And that’s our ambition.
Our objective is to develop market entry, and it is honest to imagine as quantity goes up, costs will come down. And now we have seen decrease Wegovy costs within the first half. I do not wish to get into specifics there, however it’s according to expectations. Our focus stays in constructing even stronger entry for AOM therapies throughout all channels. And once more, I would say that we’re happy with the general efficiency and we’re serving extra sufferers than ever earlier than.
Jacob Martin Wiborg Rode
Thanks a lot, Doug. And at last, additionally on the decrease dose power of Wegovy, any replace there?
Doug Langa
Sure. And so we do not consider that the 0.25, that was a selection we made. Once more, as we have mentioned constantly, quarter after quarter, continuity of care is extremely essential to us and perhaps what separates us. We predict it is actually essential that sufferers are in a position to titrate by the suitable doses. So we are going to proceed to dynamically handle that, however we’re additionally assured within the ranges that we see with all the opposite dose strengths. So that you should not anticipate that 0.25 altering all through this yr to the query.
Jacob Martin Wiborg Rode
Thanks, Doug. And thanks, Emily. We are actually able to take the following query, please.
Emily Discipline
Thanks. Your subsequent query comes from the road of Louise Chen from Cantor. Please go forward.
Louise Chen
Hello, thanks for taking my questions right here. So first one I’ve was simply on Monlunabant. I needed to see what sort of efficacy and security you count on to see or wish to see to maneuver ahead with this product. After which second query was simply on ESSENCE, out of the 1,200 sufferers enrolled on this Part 3 research, what number of sufferers are anticipated to be a part of the F2-F3 biopsy readout? Thanks.
Jacob Martin Wiborg Rode
Thanks, Louise. For these two questions, I am going to hand each of them to you, Martin. First, on Monlunabant expectations, in addition to on sufferers enrolled in ESSENCE.
Martin Holst Lange
Sure, completely. So we proceed to be excited in regards to the potential for Monlunabant. We do not have quite a lot of information but. We count on the readout from the devoted weight problems trial in Q3 of this yr and from the diabetes kidney illness trial on the finish of this yr. Primarily based on our modeling, we count on round a 15% weight reduction. And clearly, our focus is on demonstrating that along with a beautiful security profile. However we do not have quite a lot of information at this level. It’s a must to wait a few months earlier than that.
On the ESSENCE trial, you most likely recall we kind of have a two tier trials. The primary proportion of the trial contains 800 sufferers, which can function the regulatory submission. We’ll see the readout of these 800 sufferers this yr. They’ll all have liver biopsies, and they are going to be within the F2 to F3 class. We then go to the total 1,200 sufferers for a coronary heart incomes — outcomes proportion of the trial. It should principally, even be sufferers who’ve liver biopsies and be within the F2 to F3 classes. However first step is to see the regulatory readout which we are going to obtain on the finish — in direction of the tip of the yr.
Jacob Martin Wiborg Rode
Thanks, Martin, and thanks, Louise. We are actually able to take the following query, please.
Operator
Thanks. Your subsequent query comes from the road of Evan Seigerman from BMO Capital Markets. Please go forward.
Evan Seigerman
Hello guys, thanks a lot for taking my questions and for all the colour on the decision at this time. One — a number of for me. Simply on the Catalent transaction, perhaps you simply stroll us by type of the replace there. And extra particularly, as you concentrate on constructing out capability, what are the levers are you able to pull to type of get your provide of incretins as much as meet demand? I do know that was a key theme on the decision at this time. After which perhaps you’ll be able to type of stroll us by a number of the expectations for the CB1 inverse agonist knowledge that is coming later third quarter. Thanks a lot.
Jacob Martin Wiborg Rode
Thanks, Evan, for these two questions. Firstly to Karsten on Catalent and general provide chain technique.
Karsten Munk Knudsen
Sure. Thanks, Evan for this query and good to attach. So, on Catalent, it’s nonetheless our expectation that the transaction closes in direction of the tip of 2024, the place we’re in lively dialogue with the totally different regulators by way of antitrust opinions, so — however reiterate closing in direction of the tip of the yr. And with Catalent, we’re considerably increasing our fill-finish community with the three further websites on prime of the websites we have already got up and working and by the way in which, are also increasing.
So our all provide chain technique is admittedly one among scaling our API amenities in Kalundborg on the peptide aspect and in Hillerod, Denmark on the antibody web site linked to our pipeline development after which scaling our fill-finish websites on a world scale to have the ability to accommodate considerably many extra sufferers than we have been ready to take action traditionally. And that ties into our general company technique of with the ability to attain many, many extra sufferers than we have ever carried out earlier than linked to the unmet want within the cardiometabolic house.
Jacob Martin Wiborg Rode
Thanks, Karsten. And secondly, on Monlunabant expectations once more for Martin.
Martin Holst Lange
Sure. So once more, not quite a lot of information. We’re anticipating two knowledge readouts; one from weight problems, one from diabetes. Later this yr, that can be thrilling. Our focus will clearly be on the efficacy by way of the burden loss. Our present modeling is suggesting at the very least a 15% weight reduction. That can be a beautiful oral monotherapy in and of itself, but in addition with the potential of being mixed with Semaglutide. However these are early days. These are mannequin knowledge. And we’ll see the stronger readouts in Q3 and This autumn of this yr.
Jacob Martin Wiborg Rode
Thanks, Martin, and thanks, Evan. We’re able to take the following query, please.
Operator
Thanks. Your subsequent query comes from the road of Sachin Jain from Financial institution of America. Please go forward.
Sachin Jain
Hello, guys. Thanks for taking my questions. Two, please. Firstly, a giant image one for Karsten, simply on steering. Midpoint, I consider, implies underlying acceleration in 2H relative to the underlying development within the first half. Given there’s quite a lot of shifting elements, I ponder in the event you may simply discuss by a number of the key drivers, pushes and pulls, notably round Wegovy and Ozempic.
After which the second query is to attempt to get a bit extra shade, Doug, Karsten, Lars on the Wegovy worth and across the commentary of these volumes go up, worth comes down. When you would give us some sense of magnitude of worth strain quick and midterm. So I’ll body the query like this, you’ve got loosely commented to round 10% worth strain per yr for Ozempic. Ought to we take into consideration Wegovy as kind of than that? And may you give any particular shade on 2H developments relative to 1H? Thanks.
Jacob Martin Wiborg Rode
Thanks, Sachin. For the primary one on steering constructing blocks, I am going to hand that to you, Karsten.
Karsten Munk Knudsen
Sure, thanks for that query, Sachin. And as famous in our launch, then we’re upgrading our top-line steering by a few factors and narrowing the steering vary additionally. So actually supporting the truth that we’re off to a very robust begin on this yr and see robust developments each commercially, in addition to provide chain-wise. So that is the backdrop for our growing steering.
After which to the second half acceleration a part of your query. Sure, that’s appropriate. And you could possibly say, the 25% development now we have within the first half of this yr advantages from the rebate changes we have been speaking to associated to the U.S., each within the first quarter and within the second quarter, in addition to to a better comparator linked to the phasing of rebates in 2023. So we delivered 25% with each the tailwind and a straightforward comparator after which delivering that for the total yr clearly entails an acceleration into the second half by way of development although the comparator is more durable linked to the rebate phasing of final yr.
And that acceleration can be a perform of continued developments of what you are seeing already within the market at this time by way of the Wegovy penetration within the U.S., the place we doubled the variety of scripts from the start of the yr till now weekly scripts, additionally an acceleration by way of Wegovy gross sales in worldwide operations and the continuation of Ozempic efficiency into the second half. So underlying clear acceleration in the course of the second half in comparison with the primary half.
Sachin Jain
Thanks, Karsten. And secondly, on general pricing dynamics, Lars?
Lars Fruergaard Jørgensen
Sure. So thanks, Sachin. So we want to not get into a really detailed feedback on pricing as a result of that turns right into a quarter-over-quarter storyline then. So — however I wish to say, underlying what I discussed in my opening that – and in addition, as Karsten simply alluded to, it is a market the place we compete on bringing say, volumes to the market. So it isn’t one the place we really feel that we’re into, say, worth competitors. Having mentioned, that there are totally different segments of the market. And we really feel that it is related to even be current within the segments the place we had essentially the most weak sufferers, and they’re sometimes served by Medicaid.
So now we have now, as we talked about, 20 states having adopted to Wegovy. And everyone knows that for any product, once you go into Medicaid, it comes at considerably lower cost level, in order that must be factored in. So it is a steady aggressive setting. And it is actually for us about scaling the volumes to ship on the demand — sorry, on the entry now we have delivered and we will see the demand is there. So it is about scaling to satisfy the demand, I’d say, greater than every other taxes, so to say.
And as Karsten simply talked about, now we have the capability to scale and speed up, serving many extra sufferers within the second half. And I believe that is, I believe the encouraging a part of our launch right here that we improve to try this towards a considerably more durable comparator within the second half of the yr. So I believe there is a signal of robust momentum and in addition execution from a provide chain standpoint. Thanks.
Sachin Jain
Only a clarification then. The place are you with Medicaid penetration? Ought to we count on a serious uptick in 2H relative to 1H?
Lars Fruergaard Jørgensen
So I haven’t got detailed perception into that, and I am undecided we will remark particularly on that.
Karsten Munk Knudsen
So if I may give one knowledge level. So now we have Medicaid protection into the tune of 20 states. How precisely the volumes are going to fall out within the second half between Medicaid and business, in fact, could be very speculative. However now we have really a really robust Medicaid-based entry of 20 states and round 10 million folks with weight problems lined that method round.
Jacob Martin Wiborg Rode
Thanks, Lars. Thanks, Karsten, and thanks, Sachin. And with that, we’re prepared for the following set of questions, please?
Operator
Thanks. Your subsequent query comes from the road of Richard Vosser, JPMorgan. Please go forward.
Richard Vosser
Hello. Thanks for taking my query. Perhaps one on Wegovy within the U.S. as properly. Primarily based on the brand new affected person, I do know you’ve got mentioned that your 35,000 scripts every week, you will restrict these starter doses. However primarily based on the brand new sufferers you’ve got already accrued and that stage of sufferers and your information of the pull-through of sufferers to larger doses, how do you see the TRx growing? You have clearly doubled within the first half however some thought of how that might develop, I believe, could be useful for folks.
And I suppose the query is at what level do you count on TRx to exceed scripts from Ozempic on a weekly foundation? After which one different query simply on Ozempic ex-U.S. provide. I believe you alluded to that, that might enhance within the second half. However simply when are you able to anticipate provide being resolved there in order that we will count on robust development within the second half. When can we count on robust development for Ozempic to renew in IO? Thanks a lot.
Jacob Martin Wiborg Rode
Thanks, Richard. On the primary one, by way of the robust TRx developments within the U.S., I am going to hand it over to you, Doug.
Doug Langa
Sure. Thanks, Richard. And let me simply make clear. We’re not exactly limiting to 35,000. We’re dynamically managing that as a result of, once more, critically essential to us is affected person continuity of care. So that’s the beginning dose, as you already know. And so that is the one we are going to handle. It is to not restrict and so you may even see fluctuations in that. What I’d anticipate is a gradual constant TRx pattern. I do not wish to get into the place that will go or the place that will cross Ozempic.
Once more, we’re happy with the efficiency as Karsten and each Lars alluded to, we have greater than doubled that from the start of the yr to at present. We’re seeing robust NBRx and we’re serving extra sufferers. So I do not wish to get into predictions of after they’ll cross.
Jacob Martin Wiborg Rode
Thanks, Doug. And on the gradual provide scaling, over to you, Karsten.
Karsten Munk Knudsen
Sure. So speaking about ex-U.S. and scaling there. Then to start with, I would identical to to allude to the efficiency in worldwide operations the place Rybelsus or Semaglutide is doing rather well within the first half, rising at 66%. So really contributing as a lot as Ozempic in worldwide operations.
After which IO between the primary half and second half, then clearly, our ambition and what’s implied in steering is an acceleration from the 11% we delivered within the first half, and that acceleration will come from the Sema franchise. However as you see, now we have now launched in 12 markets with Wegovy in worldwide operations. So clearly, you must also count on to see some pick-up there, driving larger gross sales development within the second half in IO.
Jacob Martin Wiborg Rode
Thanks, Karsten, and thanks, Richard, for these two questions. We are actually able to take the following set of questions, please.
Operator
Thanks. Your subsequent query comes from Peter Verdult from Citigroup. Please go forward.
Peter Verdult
Thanks. Peter Verdult, Citi. Two questions. Doug, simply a number of the compulsory any newest knowledge or intel by way of common period of use on Wegovy? After which secondly, Karsten, on the 340B. Once we final spoke, my understanding was Nova has been very conservative in income recognition from the 340B leaving dangers very a lot to the upside. And I believe after we final mentioned [in room] is, ought to the rulings go your method, that might be fairly a cloth uplift to earnings, I believe, to the tune of 5%. So can I simply test in with you whether or not that’s nonetheless the case? Or have you ever any up to date ideas there? Thanks.
Jacob Martin Wiborg Rode
Thanks, Pete. On the primary one on Wegovy state time, I am going to give that to you, Doug.
Doug Langa
Sure. Thanks, Pete, for the questions. So within the U.S., we’re nonetheless seeing round six months, and that is given the pure provide constraints. And now we have to work by that. However I’d let you know this, we’re assured that over time, the keep time will enhance extra in direction of 12 months and past, which might replicate the medical profile of the product and what we noticed in a number of the medical trials. So nonetheless round six months, we’re working by that extra to come back as we see extra stability in provide over time.
Jacob Martin Wiborg Rode
Thanks, Doug. And over to Karsten on 340B.
Karsten Munk Knudsen
Sure. Thanks, Pete, for that remark. And to start with, I would identical to to refer additionally to our firm announcement and the replace on 340B that we included on the authorized issues there. And I’d say the one new merchandise in comparison with after we mentioned in reference to Q1 is that there is one further ruling that has come out on this case complicated which is a D.C. Circuit ruling which dominated equally to the ruling we had in our case. So all supporting our case, however we nonetheless have one key ruling excellent within the seven circuits.
After which as to our accounting, I do not bear in mind us discussing it being conservative. I bear in mind I used to be discussing it being prudent and aligned to the accounting requirements of income recognition the place income recognition needs to be extremely possible with a purpose to ebook it as income. In order that’s how we do it. And – however we additionally name out that there’s a state of affairs that might have a cloth affect on our monetary place. And that is what we referred to as out in our announcement.
After which let’s examine how the Seven Circuit guidelines and what stage of appeals we’ll be within the coming months. It might be any day that might be information, however I do not know something additional as of at this time.
Jacob Martin Wiborg Rode
Thanks, Karsten. And thanks, Pete, as properly. We’re now able to take the following, please.
Operator
Thanks. Your subsequent query comes from James Quigley from Goldman Sachs. Please go forward.
James Quigley
Nice. Thanks for taking my questions. I’ve bought two, please. So firstly, on weight problems portfolio concerns. You bought various weight problems readouts within the second half of the yr. However how are you pondering of the relative positioning and weight reduction expectation for step up, so the 7.2 milligrams Sema and clearly CagriSema as properly. Will it’s an both/or strategy from a business perspective? Or will it’s purely knowledge dependent? And Sema 7.2 million doubtlessly be extra fascinating given the recognized CV advantages from Sema throughout all of the trials we have seen, and we’ve not essentially seen that with Cagri but.
After which second query on oral remedy. So clearly, there’s been some competitor knowledge, some early competitor knowledge that is been in the marketplace just lately. However by way of your oral providing OASIS for, how would you characterize the competitiveness of the info you’ve got seen to this point for the 25-milligram dose? And the way are you desirous about positioning out there or perhaps a marketplace for match strategy on the launch?
After which perhaps additionally associated to that. On the oral SNAC expertise, are you able to remind us the place you’re by way of the most recent generations? And at what level would you in a position to have a peptide-based oral with the SNAC expertise that might be as handy as a typical small molecule? Thanks.
Jacob Martin Wiborg Rode
Thanks, James. I believe I counted a little bit bit greater than two questions there. However first, over to Camilla on the general weight problems portfolio. And after that, we’ll flip to Martin on the SNAC enhancer.
Camilla Sylvest
Sure. Thanks so much. To begin with, I would identical to to say that we’re very inspired in regards to the development of our pipeline in weight problems. And naturally, we sit up for the readouts that we’re having within the second half of this yr. It is going to be thrilling second half from the variety of Part 3 readouts that now we have and each in oral and in addition within the injectable house. And I believe let’s await these readouts. After which afterward, in fact, after we get nearer to launches, we will speak about positioning and the way we’re going to commercially make the most of the robust pipeline that now we have.
Jacob Martin Wiborg Rode
Thanks so much, Camilla. And over to you, Martin, on SNAC.
Martin Holst Lange
Sure. So particularly within the medical house, we have been testing clearly era 1, 2 and three, as you already know. And within the analysis base, we proceed to evolve this. It goes with out saying, we’ll not take any new era into the clinic except we see a possible for a step change by way of bioavailability. And that is an ongoing journey and an ongoing effort for us.
With respect to the kind of dosing restrictions, we really do not see them as limitations. However I additionally need to say we do not see a possible of eradicating these limitations anytime quickly.
Lars Fruergaard Jørgensen
Thanks, Martin. And only a reminder, within the firm announcement additionally see the approval in EMEA of the brand new doses associated to all semaglutide/[doses] within the EU.
Jacob Martin Wiborg Rode
Thanks so much, Martin, and thanks so much, James. We are actually prepared for the following set of questions.
Operator
Thanks. Your subsequent query comes from the road of Emmanuel Papadakis from Deutsche Financial institution. Please go forward.
Emmanuel Papadakis
Thanks for taking the query. Perhaps a query on Sema forward of potential inclusion in 2027 on charge worth negotiation. Maybe you could possibly simply enlighten us as to what magnitude the worth reduce you see in your midterm planning and your newest views on potential affect within the business channel from decreased pricing in Medicare.
After which on CagriSema forward of the primary redefined outcomes. Simply discuss to us a little bit bit about your system capability for the twin chamber pen system at launch. Would that be sufficient to change a major proportion of sufferers from Sema to CagriSema over that 2026, ’27 timeframe? Or certainly, is there any motive why you would not count on nearly all of sufferers to begin switching over? Thanks.
Jacob Martin Wiborg Rode
Thanks, Emmanuel. The primary one on the IRA and the most recent there, that goes to you, Doug.
Doug Langa
Sure. Thanks, Emmanuel, for the query. Perhaps as a place to begin, I would wish to say that we basically disagree with the ideas of worth setting. It hurts innovation. It doubtlessly creates larger out-of-pocket prices for seniors and fewer selection. In order that’s not good. What I’d say is that we’re not going to touch upon worth, however we have labored by the primary negotiations on NovoLog and Fiasp, and as you already know that is a minor a part of our enterprise. So we count on restricted affect there.
After which I’d say, because it pertains to a read-through to semaglutide, it is simply method too early. This has been a brand new course of for each us and the federal government. We’re studying so much. I am certain they discovered so much, however I do not wish to speculate on what that will imply for semaglutide read-through.
Jacob Martin Wiborg Rode
Thanks, Doug. And for the second query on CagriSema capability, over to you, Karsten.
Karsten Munk Knudsen
Sure, hello Emmanuel, thanks for the query. For CagriSema and provide chain technique, then, in fact, we discovered so much from Wegovy, and we’re full velocity by way of scaling our capacities linked to CagriSema. It’s a twin recommendation. So scalability is totally different in comparison with multi-use units that now we have in different elements of our portfolio. However we’re quickly scaling the CagriSema system.
We’re exploring a co-formulation additionally to enhance scalability. It is not with out threat, and that is why I say we’re exploring the chance to take action. After which keep in mind, behind CagriSema in our pipeline, now we have a Amycretin in a subcutaneous model, which we are going to report out within the first quarter of subsequent yr, which is one other providing along with the step-up.
After which as my final remark, I’d say, given the medical profile of semaglutide there, we consider that we are going to be promoting semaglutide for a lot of, a few years to come back, and we’re constructing the infrastructure to compete on that at a world scale for a few years to come back.
Jacob Martin Wiborg Rode
Thanks, Karsten, and in addition thanks to your questions. With that, we’re prepared for the following set of questions, please.
Operator
Thanks. Your subsequent query comes from the road of Simon Baker with Redburn Atlantic. Please go forward.
Simon Baker
Thanks for taking my questions. Two, if I’ll. Firstly, going again to the weight problems pipeline, you introduced that you simply terminated the event of the once-monthly injectable hole resulting from portfolio concerns. I ponder in the event you may elaborate on that and in addition replace us in your urge for food for a month-to-month injectable weight problems therapy.
After which a query on Icodec within the U.S. Given the whole response letter and leaving apart the questions on manufacturing, is a Sort 1 carve-out from the appliance a doable resolution to expediting this? As a result of I assume that one mustn’t simply take into consideration Icodec, but in addition IcoSema, which is doubtlessly the larger alternative and clearly held up by this. Any ideas on that might be a lot appreciated. Thanks.
Jacob Martin Wiborg Rode
Thanks, Simon. Each of these go to you, Martin. Firstly, on the as soon as month-to-month GLP-1/GIP and secondly, on Icodec.
Martin Holst Lange
Sure. Completely. So I simply wish to reiterate, I believe all of us alongside said that the as soon as month-to-month GLP-1/GIP research that we carried out was an exploratory research, extra assessing the idea of 1 smarter expertise than the precise GLP-1/GIP part. It was exploratory and whereas we undoubtedly can use the info, the present profile was not one thing that we might take into additional medical improvement.
So principally, we nonetheless have this focus. We do see as soon as month-to-month as comfort greater than anything, our major focus is efficacy and security. And as we already mentioned that now we have a really aggressive pipeline and portfolio. However we’ll keep this focus with both subsequent era of this expertise or various applied sciences.
Particularly on Icodec, we’re in ongoing dialogue with the FDA. So I do not wish to speculate an excessive amount of. However clearly, a part of it is a potential carve-out of the Sort 1 diabetes. You shouldn’t see this affect the IcoSema dialogue.
Simon Baker
Thanks a lot.
Jacob Martin Wiborg Rode
Thanks, Martin. And likewise thanks, Simon, for these two questions. Then now we have time for one last set of questions, please.
Operator
Thanks. Your last query comes from the road of Mark Purcell from Morgan Stanley. Please go forward.
Mark Purcell
Sure. Thanks very a lot for taking my query. Wegovy coronary heart failure, may you assist us perceive the extra knowledge you need to file and whether or not you are going for a CV dying and coronary heart failure endpoints, kind of arduous endpoints by way of the declare from the research. I assume, the pooled evaluation of the STEP-HFpEF program confirmed a powerful 6% to 9% threat discount in CV dying and coronary heart failure occasions. However the important numbers of sufferers in choose and move, which, I assume, might be related. So an understanding of what you are aiming to realize that might be nice. Thanks.
After which the second, simply as a follow-up to INV-202. Might you assist us perceive, Martin, how INV-347 differs in comparison with INV-202 by way of PK and CNS distribution and selectivity, the CV1 versus CV2 receptors. Simply attempting to grasp whether or not this might really leapfrog Monlunabant into Part 3.
Jacob Martin Wiborg Rode
Thanks, Mark. And each of these two to you, Martin. Firstly, semaglutide in HFpEF and secondly, inside INV-202 and INV347.
Martin Holst Lange
Sure. Thanks very a lot, Mark, for these questions. To begin with on HFpEF. As you will recall, we carried out two devoted HFpEF trials in sufferers with established HFpEF 1 in diabetes and one in sufferers with out diabetes, however with weight problems. Once we do the meta-analysis of the 2 trials, we see a 69% lower in threat of CV dying hospitalization for coronary heart failure. So completely very robust knowledge and one thing that has inspired us so much.
This was additionally why the FDA granted us breakthrough designation. As we mentioned final quarter, we had pretty few occasions in these two moderately small research and thru our dialogue with the FDA was very clear that if we may kind of improve the quantity of occasions to additional substantiate this the chance of getting arduous endpoints into the U.S. label would improve provided that now we have some robust – have had and may have some robust readouts within the not-so-distant future, it was a fairly straightforward choice to say we will settle for a small delay after which improve our chance of getting arduous endpoints into the label as in comparison with the extra practical take a look at. So we noticed that as a very good sample.
On Monlunabant second era, it is nonetheless early days. There’s a potential for an extended half-life. So a possible for much less frequent than as soon as day by day dosing, which is clearly enticing. And additional, a possible for even much less mind penetration.
Once more, we’re fairly assured with the protection profile of Monlunabant however once more, if second-generation may have a fair decrease chance of potential hostile occasions, that might be enticing. I do not assume you will note something surpass our progress of Monlunabant and we see this as a very, actually robust life cycle administration alternative.
Jacob Martin Wiborg Rode
Thanks, Martin. Thanks, Mark, and thanks to everybody else who’ve requested questions in the course of the session. This concludes the Q&A session. Thanks so much for collaborating, and be at liberty to contact Investor Relations concerning any follow-up questions you may need. Earlier than we shut the decision, I would like at hand it over to you, Lars, for any last remarks.
Lars Fruergaard Jørgensen
Thanks, Jacob. I hope it comes throughout that we’re happy with the momentum in our enterprise, particularly, our GLP-1 enterprise in diabetes and weight problems, not least the robust development for Wegovy script developments within the U.S., which is admittedly fueling the improve now we have communicated at this time, which additionally signifies that our provide is on observe in with the ability to serve many extra sufferers, each quick and long term.
We’re additionally enthusiastic about our pipeline, the information now we have introduced just lately, but in addition what now we have arising later within the yr. So with that, thanks additionally from my aspect to your questions and a spotlight at this time. With that, we shut the decision. Thanks.
Operator
Thanks. This concludes at this time’s convention name. Thanks for collaborating. It’s possible you’ll now disconnect.
