Emily Field: Thank you, Karsten. And Doug comments on coverage for Wegovy in the U.S. and employer opt-in.
Doug Langa: Yes, thanks, Emily. So we still continue to enjoy broad market access for Wegovy. That’s over 90%. And as we’ve communicated, that equates to around 50 million people living with obesity, who are now covered. And overall, there will be opt-ins and opt-outs, but we continue to see improvements in the net coverage. So our focus will be continuing to secure coverage over time and to keep continuing to grow the volume market. But overall, we’re pleased with the level of access that we have and looking forward to improving that over time.
Daniel Bohsen: Thank you so much, Doug, and thanks, Emily, for the questions. Next questions, please.
Operator: Thank you. One moment, please. The next question comes from the line of Seamus Fernandez from Guggenheim Securities. Please go ahead.
Seamus Fernandez: Thanks so much for the question. So just a couple here. On the GLP-1/GIP, can you just help us understand the technology that you are using to extend the half-life to once monthly, just trying to get a better understanding of the likelihood there and your confidence in delivering a monthly profile here, as well as the efficacy profile given your plans to work with alacrity on the oral amycretin molecule? And then just on the WOMAC scores, can you just help us understand how those WOMAC scores kind of compare in your OA study to other treatment regimens and if drop-in on pain medication like Naproxen or other medications like that was allowed and if that separation occurred despite that? Thanks.
Daniel Bohsen: Thank you, Seamus, for these questions. Martin, I’ll give the word to you.
Martin Lange: Yes. Thank you very much. So, first of all, on the once monthly, as you obviously know, this is phase 1, and this is one of a number of tracks that we are pursuing in this space. It’s a technology that that we cannot share at this point in time, but broadly speaking, we are confident and happy with our research progress in this space, and obviously we will not take assets into phase 1 without a level of confidence in the broad applicability and success. On the WOMAC, the sort of broad applicability is that if you see a 35-point change from baseline you are in the very clinically relevant space, and here we saw a 41-point improvement. In terms of concomitant medication, this was allowed, but this is specifically why we have a control group in the study. You actually also saw improvement in the placebo arm, but the improvement seen with semaglutide was above and beyond that and in the space of being statistically significant as well as clinically relevant.
Daniel Bohsen: Thank you so much, Martin, and thanks, Seamus. Next question, please.
Operator: Thank you. One moment, please. The next question comes from the line of Simon Baker from Redburn Atlantic. Please go ahead.
Simon Baker: Thank you for taking my questions. Two if I may, please. Firstly, on CapEx, I wonder if you could give us some sort of idea of when that $45 billion of investment in 2024 will start to come on stream, be it API manufacturer or [indiscernible] and any indication about the run rate thereafter. And then secondly, a question on the recent EraCal collaboration that you did. I wonder if you could just give us some more of your reasoning for choosing that. And is this about accessing their platform? Or is it a specific molecule that you’ve licensed, namely Era-379? Thanks so much.
Daniel Bohsen: So first, Karsten, CapEx.
Karsten Munk Knudsen: Yes. So Simon, just reframing your question slightly, because taking a point estimate and making into a time series, I don’t think it is necessarily the optimal way. So I would say because a good chunk of the CapEx we’ll be spending this year will be on projects we already initiated in 2023 or earlier. So as you’ve noted, then we have announced CapEx just in 2023 to the tune of $75 billion in over the lifetime of these projects. So those are, of course, a key element of the $45 billion. So in terms of when coming on stream, it will be gradually over time on API, which some of the bigger ticket items will see API coming on stream already from additional API capacity coming on stream already from 2025. And then there will be different capacities coming online pretty much every year from there on across our manufacturing footprints there.
Daniel Bohsen: Thank you, Karsten. And thank you, Simon. With regards to the recent collaboration, then at this point in time, we don’t have too much to add, but I will use the opportunity to do a bit of advertisement for our upcoming Capital Markets Day, where we’ll talk more about these early research partnerships, and then we will be happy to address that. Next question, please.
Operator: Thank you. The next question comes from the line of Mark Purcell from Morgan Stanley. Please go ahead.
Mark Purcell: Yes, thanks for taking my questions. Question number one, Wegovy U.S. fill and finish lines. I think you moved from one to three lines over the course of 2023. Could you help us understand how many lines might be added in the cadence of those additions during the course of 2024? And then secondly, as we shift from wait as a surrogate market outcomes becoming more important, how much are you assessing the key product attributes of CagriSema and amycretin, such that you have confidence you – you can show an outcomes benefit over semaglutide in future clinical development?
Daniel Bohsen: So Wegovy, over to you, Karsten. And Martin later outcome trials for future obesity pipeline products.
