Florent Cespedes : Good afternoon. Thank you very much for taking my questions. Two quick ones. First, on obesity in Europe, could you give us an update on the situation in Europe for Wegovy and the discussions with the payers if they are waiting for a select data pool on the labels? So some color on this front would be great. My second question for Karsten, on sales and distribution, could you give us some color on how you see this line going forward as it was much lower than expected this quarter, but at least related to the fact that you have less promotion efforts. So some colors would be great. Thank you.
Daniel Bohsen : Thank you, Florent. Camilla, the first question to you, Wegovy outside the U.S.?
Camilla Sylvest: Yes, and you also asked specifically about whether they are waiting for SELECT. Of course we are initially waiting for the regulatory decision on The SELECT which we expect in the second half of this year. Having said that, it’s of course a keen interest in this set of data, but already now we do have reimbursement in a number of countries outside the U.S., so UK, Scotland, Canada – sorry, Japan and also Switzerland. So we are seeing a very positive interest in Wegovy and of course also in the SELECT data that shows the strong cut effect in it.
Daniel Bohsen : Thank you, Camilla. Karsten, on S&D cost development?
Karsten Munk Knudsen: Commercial investments? Yes. So coming back to our recent Capital Markets Day and our strategic resource allocation, then what I was discussing there was our intent to allocate substantial resources towards innovation, i.e., R&D. So having an increasing R&D ratio, i.e., investments that are growing faster than sales, and our commercial investments growing at a slower pace than sales, and that is exactly what you are seeing this quarter and also what you should expect to be seeing this year, that commercial investments are growing slower than sales. We have the majority of our commercial infrastructure in place across our therapeutic categories. So what we are pursuing are really targeted investments. I would say a lot of focus on obesity market development and building the obesity market.
And then we also have some early investments in some of our newer therapy areas, so building some infrastructure on the cardiovascular side. So that are really the main focus areas on commercial investments.
Florent Cespedes : Thank you very much. Very clear.
Daniel Bohsen : And we are ready for the next question, please.
Operator: Thank you. Your next question comes from the line of Mark Purcell from Morgan Stanley. Please go ahead.
Mark Purcell: Thank you very much for taking my questions. I have two. The first one is just going back to the Wegovy U.S. starting dose. The pace of growth at the moment seems to be increasing a bit. It is about 10% week-over-week, now up to 33,000, 0.25 mg doses per week. Should we assume that this sort of increase will continue to be steady or is there going to be a slowdown in that 10% growth week-over-week? And your confidence in converting to the high doses would be helpful. And then the second question is on the CagriSema dual chamber device. I wonder if you could help us understand some of the properties of this device in terms of whether it is connected and the importance in terms of patient compliance potentially from it being a connected device, the launch preparedness and any indications of the co-formulation of CagriSema. What does that mean for the dual chamber device? Thank you.
Daniel Bohsen : Good. So, the first question over to you Doug for the commercial dynamics right now with Wegovy in the U.S.
Doug Langa: Yeah, thanks Mark. I mean we’re certainly pleased with the last couple weeks of MBRX. As I stated in the beginning, over 27,000 and reaching all-time high with TRX. But remember, as I’ve talked about quarter-over-quarter, our key focus remains the safeguarding of patient continuity of care and we manage that supply dynamically to do that. So we’re going to continue to gradually scale efforts and we’re going to do that throughout the remainder of this year. And certainly we’re happy and pleased with what we’re seeing now and we’re very pleased with SELECT and what we’re going to be able to do moving forward.
Daniel Bohsen : Good. Thank you, Doug. Martin, CagriSema device and connectivity.
Martin Holst Lange: Yep. So, very briefly, the CagriSema device, as you say it is a dual chamber device as the two drugs can currently not be co-formulated. And it’s a single dose device, very simple to use, so basically you should compare that to the device of Wegovy. Currently no connectivity embedded in that device. On the question on co-formulation, obviously with a dual chamber device, that’s not our normal platform. The co-formulation will allow us more flexibility and that we can then deliver CagriSema in more versions. One could potentially be in touch thereby from a supply perspective, allowing us more flexibility.
Daniel Bohsen : Thank you, Martin. Thanks for the question. We’re ready for the next.
Operator: Thank you. We will now take your next question. And your next question comes from the line of Harry Sephton from UBS. Please go ahead.
Harry Sephton: Brilliant. Thank you very much for taking my questions. Two please. So, on the first question is whether you saw any material impact to your first quarter volumes in the U.S. from the cyber-attack on UnitedHealth’s Change Payments platform that may have restricted some patients’ access to co-pay support and as a result could have contributed to some weakness on volumes beyond just the supply constraints. And then my second question is, you’ve talked about the fact that the ex-U.S. obesity market could be predominantly self-pay in the future. How do you view the potential opportunity for the U.S. market to move more towards self-pay and what are your ambitions there? Thank you.
Daniel Bohsen : Thank you, Harry. Dough, two for you. First, on cyber-attack impact, potential impact in the first quarter and then second, do you see a self-pay market in the U.S.?
Doug Langa: Yes. Thanks Mark –excuse me, thanks Harry. Nothing material. It doesn’t explain the volumes. Just maybe give you a little context there. Again remember, speaking to Ozempic, we saw a 50% – over a 50% growth rate in the quarter. We continue to gain market share, which is important, and we’re clearly the market share leader, but we did see some impacts in the quarter. Pure Act supply constraints, and they were primarily in the early part of the year. Remember, we have a larger base. Last year, the volume growth was 50% and we do see some continuation of utilization management. So those would be more in line with what impacted some of the volumes. In terms of self-pay, the way I would categorize that is we’re always looking at opportunities to bring more patients to our products, and that could be an option. So we evaluate everything moving forward.
