Novo Nordisk A/S (NYSE:NVO) Q1 2023 Earnings Call Transcript

Lars Fruergaard Jorgensen: Thank you, Mark. I don’t think we can give you a time for when we can produce all STACK-based GLP-1 to the COGS of a small molecule. And by the way, the COGS of a small molecule might not be that low actually because it’s actually a quite complex synthetic process. Whether we would pursue a small molecule, I don’t wanna be specific on that either. That’s part of the strategic considerations. But I would just caution that it’s a given that small molecule will actually be as both efficacious and perhaps also as cheap as one might believe. In terms of the GLP-1 supply chain for Ozempic ex-U.S., I think the answer is consistent with what I’ve been saying so far that we’re building capacities. We have a number of lines kicking in.

And of course, it’s a key priority for us to get the balance right and serve the patients that rely on us. And I would just also underline that international operations is a key growth opportunity for us, and we have a significant share in that territory, and there are a lot of patients. So it’s a very, very large growth opportunity. So when we scale capacity, it’s also to serve those patients. On CagriSema, you raised a good point that it is indeed a more complex molecule. There are two APIs. There is a dual chamber and device component to that. So we have, of course, some scars on our back in terms of scaling supplies from Ozempic and Wegovy. So we’ve taken this very seriously, but it is a significant task to solve. But I think there’s also a significant opportunity what that product can deliver, so it’s something that has highest priority in the company.

Thank you, Mark. And thank you all for participating. I trust you can sense that we’re very excited about the opportunities we have in Novo Nordisk, and we are investing in our business to drive growth in the coming period. I’d like to thank you for participating. And of course, feel free to reach out to our investor relations officers if you have any further questions. Thank you, and have a great day.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.