Investor Presentaiton
Novo Nordisk Annual Report 2023
Introducing Novo Nordisk Strategic Aspirations
Risks
Management
Consolidated statements
Additional information
in the expansion of our production sites across the globe. With
construction now underway on these projects, we strive to operate our
existing facilities 24 hours a day, seven days a week, as we produce
more of our life-changing medicines than ever before.
Our response to supply challenges does not stop there. We are also
changing the way we launch and distribute our products, making sure
we do this in a responsible manner with a clear focus on safeguarding
access to appropriate treatment options for our existing patients.
Recent examples of this refined approach include the launches of
WegovyⓇ in the UK and Germany, where we are collaborating with
health authorities to ensure that some of those in greatest need of
medical intervention can access our flagship obesity therapy.
Improving health equity remains a cornerstone of our commitment to
patients, and we are working hard to enhance access to care worldwide.
Our new production partnership with manufacturer Aspen
Pharmaceuticals in South Africa will significantly increase the supply
of affordable insulin to the African continent, while long-established
initiatives, including Changing Diabetes® in Children and our Access
to Insulin Commitment, continue to support vulnerable patients in
low- and middle-income countries. In the US, a growing number of
people living with serious chronic diseases have been able to access
our expanded range of affordability offerings, which include unbranded
biologics, low-cost human insulin and our Patient Assistance Program.
Despite these efforts, the burden of chronic diseases on healthcare
systems is only set to grow, pushing us to break new ground in our
pursuit of innovative treatments. To this end, we are building a pipeline
of considerable breadth and depth, powered by the interplay between
our world-class in-house R&D capabilities and an increasing focus on
external innovation and business development. Our distinct ownership
structure, with the Novo Nordisk Foundation retaining the majority vote,
gives us the security we need to take a long-term perspective on our
investments and strategies.
The past year has seen us make significant progress on our pipeline.
The SELECT trial showed that semaglutide 2.4 mg reduces the risk of
major adverse cardiovascular events by 20% in people with obesity
compared to placebo, prompting us to seek label updates for WegovyⓇ,
while the FLOW kidney outcomes trial for semaglutide closed early
following a positive analysis of interim data. Novel combination therapy
CagriSema entered phase 3 development in both type 2 diabetes and
obesity, and insulin icodec, potentially the world's first once-weekly
basal insulin, is pending regulatory approval. We have also expanded
our footprint in cardiovascular disease with the acquisition of
ocedurenone for uncontrolled hypertension, and bolstered our
late-stage pipeline in rare blood disorders with phase 3 trials of Mim8
in haemophilia and etavopivat in sickle cell disease.
Furthermore, we continue to reap the rewards of recent partnerships
and investments in novel technology platforms, with our first-ever RNA
interference-derived therapy, Rivfloza TM, now approved in the US. The
recent expansion of our R&D presence in the Greater Boston area - a
world-renowned life sciences cluster - will potentially open the door to
even more collaboration opportunities as we seek to accelerate our
drug discovery and development efforts.
Nevertheless, we understand that it will take more than medicine
to transition from a disease-focused company to one that prioritises
broader human health to the benefit of society at large. Leveraging
a decade's worth of insights from our pioneering Cities Changing
Diabetes programme, we are enhancing our prevention efforts,
expanding our partnership with UNICEF to address childhood obesity,
and establishing a Transformational Prevention Unit to deliver scalable,
preventive solutions to the obesity pandemic.
Innovation plays an equally important role in our ambition to reach net
zero emissions across our entire value chain by 2045 - particularly with
our manufacturing output at an all-time high. Having already switched
our production sites to sourcing 100% renewable power, we are now
supporting a similar transition among our 60,000-plus network of
suppliers, with the aim of significantly cutting carbon emissions across
our supply chain.
The resilience and dedication of our growing global workforce
have been instrumental in scaling our operations in the face of
unprecedented demand. As we onboard more colleagues than ever
before, we are focusing on making Novo Nordisk a more diverse
and inclusive place to work, nurturing a culture built on openness,
accountability and respect. Above all, we remain a purpose-driven
company, guided by a clear ambition to drive change to defeat serious
chronic diseases, building on our heritage in diabetes. Our position
today in the vanguard of progressive global businesses is a testament
to the strength and longevity of that purpose - and to the drive and
motivation it provides for our people all over the world.
We would like to extend our gratitude to all colleagues for their
unwavering commitment and invaluable contributions during a
particularly demanding year, and to our shareholders for their
continued support of our company.
Helge Lund
Chair of the Board
of Directors
Lars Fruergaard Jørgensen
President and CEO
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