Novo Nordisk A/S (NYSE:NVO) Q3 2023 Earnings Call Transcript

Daniel Bohsen: Thank you, Martin. Thank you, Emmanuel. Then we’ll take the last set of questions.

Operator: Thank you. Your last question for today comes from the line of Michael Novod from Nordea. Please go ahead.

Michael Novod: Thank you very much. Just on the cost side, can you please go through some of the dynamics here in Q4, in order to sort of make the cost go up, as I see it, it needs to go out an extreme pace for Q4? Are any specific investment that you are able to take earlier or anything like that, price going into 2024 just to make understand your EBIT guidance?

Daniel Bohsen: That’s over to you, Karsten.

Karsten Munk Knudsen: Yeah. Michael, thanks for that question when I look at our total operating cost growth in the fourth quarter then it’s actually not markedly different compared to year-to-date. So what you should be expecting is there is a continued what are called high level of growth in R&D expenditure around the 40% mark and some 20% plus on S&D expenditure and the competitive gross margin also in the fourth quarter. So, in resi, no big swings in the fourth quarter at constant exchange rates.

Daniel Bohsen: Thank you. Karsten. Thanks for the question, Michael. And this concludes the Q&A session. Thank you for participating and please feel free to contact Investor Relations in case you have any follow-up questions. Before we close the call, I would like to hand over to you, Lars, for any final remarks.

Lars Fruergaard Jorgensen: Yeah. Thank you, Daniel. I would like to thank you all for participating today. I hope it’s clear from our comments that we are very pleased with the strong momentum we have in our business also underlined with the raised guidance for 2023, and many questions on the coming years, not least the coming year, but we are really focused on fostering innovation based growth strategy and I feel confident in our ability to scale supply to support that. We’re really excited about FLOW, underlining the attractiveness of semaglutide and we are equally excited that we soon can disclose what SELECT has to show at the upcoming conference at AHA in a matter of a few days. So thank you all. We appreciate your time today. And with that, we’ll close the call. Thank you.

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