NOVO.B-CSE: Removing the Dog from Dogma - Highlights from MTM in NYC; Mgmt Leaving No Stone Unturned as Oral Peptide Efforts Gain Traction

Research evidence excerpt

NOVO.B-CSE: Removing the Dog from Dogma - Highlights from MTM in NYC; Mgmt Leaving No Stone Unturned as Oral Peptide Efforts Gain Traction

or: Global Biopharmaceuticals

greater weight-loss than Foundayo without sacrificing tolerability. NOVO has its sights

Company Update set beyond obesity as well, pointing to MASH and CVD/inflammation as important near-

term adjacencies, highlighting multiple readouts over the coming years for FGF21 analog Share Price DKK290.30

efruxifermin and IL-6 mAb, ziltivekimab. The co. also pointed to its already established

position in hemophilia and rare blood disorders. Mgmt openly discussed its disciplined

approach to BD, looking for strategically aligned deals that are scientifically vetted, Market Data & Valuation Measures

52-Week Range DKK224.25 - and appropriately priced. Ultimately, we came away from this CMD with the sense that

NOVO has regained its footing following a topsy turvy two-year period, stepped away DKK533.40

from its historically dogmatic views around mechanisms and marketing, and mgmt is Shares Out (M) 3,390.1

repositioning the company to compete with LLY in a more aggressive fashion - that's

Market Cap (M) DKK1,296,190 made substantially more credible by the launch of the Wegovy Pill. More details below.

NOVOB DC

50.00 Volume (Millions) Price (DKK) 550

500 NOVO's guidance assumes high utilization of manufacturing capacity and confidence

40.00

450 in supply; wide guidance range reflects demand uncertainty not supply constraints.

30.00 400 Regarding manufacturing plans and supply capacity, mgmt assumes manufacturing is

20.00 350 running at 24/7 incorporating full utilization of sema API capacity which allows sustained US

300 uptake above expectations and sequential global launches - and capacity can comfortably 10.00