Novo Nordisk CEO on earnings, GLP-1 deal with CVS, manufacturing
00:00
Speaker A
The CEO of Novo Nordisk sat down with Yahoo Finance to break down the company's latest earnings and competition in the GLP-1 market.
00:09
Lars Fruergaard Jørgensen
We're excited about our, our release this morning and the confidence we have as we look ahead and not least because of the opportunity of having this, uh, Wegovy in a pill, the first, uh, oral GLP-1 treatment in obesity. I think it's important to underline that this is a very, very well established molecule. So we have more than 30,000 patient years of semaglutide usage in diabetes and obesity. So from a regulatory point of view, I think the profile is, is quite straightforward, uh, 16.6% weight loss. Um, uh, the safety profile I mentioned, and not even being safe. Actually, also having added benefits of, of cardiovascular protective profile, and remind, uh, everybody that we already have the product on the market in type two diabetes. So from a risk and FDA point of view, I think this is perhaps one of the easier reviews for them, so to say.
02:40
Speaker B
I, I know that Wegovy is really top of mind for everyone today. Investors are really moving on that. Hope for recovery. We've seen you lose a little bit of ground in the US against competitor Lilly's Zepound. Talk to me about that. And, you know, I know you've done a number of things like get access through telehealth platforms, and then CVS, that deal for the formulary, exclusively for the formulary. I know that you've mentioned that you don't agree with that exclusivity clause. Talk to me about that and why enter that deal, and also what that means for Wegovy's recovering prescription numbers.
03:50
Lars Fruergaard Jørgensen
Yeah, thanks. Uh, it's clear that our development in in scripts have been subdued because of compounding. Uh, so we estimate that in totality that is approximately as big as our own business, uh, which is quite, you know, surprising in many ways. And now we are off the drug shortage list as declared by the FDA. So now it's turning illegal to, to do compounding in mass volumes. Uh, so we will be aggressively pursuing that to make sure that's closed down. And that of course then means that patients will have access to, to the real deal, so to say, uh, Wegovy coming from Novo Nordisk. And there it's important to underline that we have made a cash offering to increasingly be present where the patients are buying the medicine, also on telehealth. So some partnerships there to stretch and, and, and be present where the patients are. And then you mentioned the CVS deal, uh, where I think it's important to underline that we have not made a bid for an exclusive position. Uh, some have been worrying that the price war was coming up. We are not going for that. We believe in choice for physicians and patients. Uh, so this is a decision made from CVS, and I think it's the testament about the strength of Wegovy, the fact that has a cardiovascular protective profile, and hopefully later this year upon FDA approval, also a mass indication, significant health burden. And the fact you can get all of this in one product, uh, paying for it once and getting the full value, uh, is, I think, a really, really good deal. And that's why I think CVS made the choice they made. But I also say we have a strong partnership with CVS, a very good collaboration. It's a great company. And, uh, that is also expressed in that the 9,000 outlets, CVS pharmacies, also carry our cash program, the $499 a month supply of Wegovy. So a close partnership and, uh, you know, working together to reach more patients going forward.
08:21
Speaker B
Yeah, that 4.99 is interesting. I, I bet you hope more people are citing that than the, than the list price, um, these days. I want to also talk about tariffs. Previously when I spoke to you, you said that you're not worried about them. And we've heard from President Trump saying that within the next couple of weeks, he's going to unveil what will be the tariffs that hit the pharmaceutical sector. Any thoughts about that, as well as the revival of potentially a most favored nation clause, uh, just for the Medicaid population is where it's looking at right now. I know it's a small population, but the idea that it could be weighed against, you know, international pricing or any kind of tariffs that might hit. How are you thinking about bracing for all these changes?
09:22
Lars Fruergaard Jørgensen
Yeah, it's, I think there is significant uncertainty right now, and also some volatility in the market as these comments are made. If we look at the facts, uh, over the past years, and also as many companies move manufacturing out of the US, and sometimes to low tax jurisdiction, uh, we as a company actually move manufacturing to the US. Uh, over the past 10 years, we have invested more than $24 billion in our operations in the US. We have more than 10,000 people now. And if you look at our footprint in the US, we produce more than we need for the US. So we actually export more from the US than we import into the US. So we are net exporter of manufactured products. So in many ways, I think we are doing what the administration wants: create jobs in the US, produce in the US, and supply to the rest of the world. And when we talk about this oral, you know, solution, Wegovy in a pill, I can actually, I'm very proud to say that the API, the active pharmaceutical ingredient, is made in the US, the tablet is made in the US, the packaging is made in the US. So it's 100% US manufactured product. There's no sourcing of chemicals from China and elsewhere. It's biologic manufacturing taking place in North Carolina and supplied to Americans. So we are proud about that, and I think in many ways that's exactly what the administration is after. Uh, so, so that's great. On the most favored nation, and particular Medicaid, as you mentioned, uh, Medicaid is, together with the veterans, where we have the lowest price points. So when, when people talk about the list price and compare that with European prices, this is much different in Medicaid. That's where we have some of the deepest rebates. So I worry less about the delta to Europe on that. I think that's where perhaps this category of products is priced different than more specialty products and the like. So I think we, I think we can manage that.
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