Novo Nordisk A/S (NOVO:CA) Shareholder/Analyst Call Transcript

SA Transcripts159.12K FollowersFollow5ShareSaveCommentsPlay Earnings CallPlay Earnings Call Novo Nordisk A/S (NOVO:CA) Shareholder/Analyst Call March 26, 2026 9:00 AM EDT Company Participants Lars SorensenMaziar Doustdar - President, CEO & Member of the Management Board Conference Call Participants Anders Orjan JensenMark JessenMikael BakBjorn Hansen Presentation Lars Sorensen Good afternoon, everybody. On behalf of the Board, a warm welcome to Novo Nordisk Annual General Meeting of 2026. I'm Lars Rebien Sorensen. I'm the Chair of the Board, and it's my pleasure to welcome you to this Annual General Meeting. For those of you who prefer Danish over English, real-time translation is available here at the Bella center. For those of you that participate online, you can choose the preferred language in the broadcast system. '25 was a profound year of transformation. For decades, Novo Nordisk has flourished in the diabetes market, building our expertise patient by patient and innovation by innovation. Our entry into obesity, a therapeutic field that we pioneered and shaped threw us into an era of unprecedented growth that frankly even surprised us. The demand we met changed everything. People with obesity are actively seeking our medicines. Self-paying consumers are seeking faster access. And all of this growth shed the global spotlight on everything we do in the company. This extraordinary period has taught us some important lessons. We discovered that people living with obesity face completely different challenges than those living with diabetes. Instead of fear, they often feel shame and stigmatization. Instead of conventional clinical support, they want discretion. These learnings require entirely different approaches than our traditional physician-focused model, forcing us to rethink the traditional approach to patient care and market access. We need to meet the patients where they are. The competitive landscape has evolved just as dramatically, where we once enjoyed a clear market leadership in obesity, virtually every major pharmaceutical company now recognizes that this is