Novo Nordisk 20150602 - Finansanalytikerforeningen - vFINAL

Slide 1
Finansforeningens
Virksomhedsdag
4 June 2015
Mexico City part of Cities Changing Diabetes
Finansforeningens Virksomhedsdag
Agenda
1. Novo Nordisk at a glance

2. Highlights from the first three months of 2015
Slide 2
Slide 3
Forward-looking statements
Novo Nordisks reports filed with or furnished to the US Securities and Exchange Commission (SEC), including this document as well as the companys Annual Report 2014 and Form 20-F,
both filed with the SEC in February 2015, and written information released, or oral statements made, to the public in the future by or on behalf of Novo Nordisk, may contain forwardlooking statements. Words such as believe, expect, may, will, plan, strategy, prospect, foresee, estimate, project, anticipate, can, intend, target and other words and terms of
similar meaning in connection with any discussion of future operating or financial performance identify forward-looking statements. Examples of such forward-looking statements include, but
are not limited to:
Statements of targets, plans, objectives or goals for future operations, including those related to Novo Nordisks products, product research, product development, product introductions
and product approvals as well as cooperation in relation thereto
Statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other
financial measures
Statements regarding future economic performance, future actions and outcome of contingencies such as legal proceedings, and
Statements regarding the assumptions underlying or relating to such statements.
These statements are based on current plans, estimates and projections. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific.
Novo Nordisk cautions that a number of important factors, including those described in this document, could cause actual results to differ materially from those contemplated in any forwardlooking statements.
Factors that may affect future results include, but are not limited to, global as well as local political and economic conditions, including interest rate and currency exchange rate fluctuations,
delay or failure of projects related to research and/or development, unplanned loss of patents, interruptions of supplies and production, product recall, unexpected contract breaches or
terminations, government-mandated or market-driven price decreases for Novo Nordisks products, introduction of competing products, reliance on information technology, Novo Nordisks
ability to successfully market current and new products, exposure to product liability and legal proceedings and investigations, changes in governmental laws and related interpretation
thereof, including on reimbursement, intellectual property protection and regulatory controls on testing, approval, manufacturing and marketing, perceived or actual failure to adhere to
ethical marketing practices, investments in and divestitures of domestic and foreign companies, unexpected growth in costs and expenses, failure to recruit and retain the right employees,
and failure to maintain a culture of compliance.
Please also refer to the overview of risk factors in Be aware of the risk on p 42-43 of the Annual Report 2014 on the companys website novonordisk.com.
Unless required by law, Novo Nordisk is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this document, whether as a
result of new information, future events or otherwise.
Important drug information
Victoza (liraglutide 1.2 mg & 1.8 mg) is approved for the management of type 2 diabetes only
Saxenda (liraglutide 3 mg) is approved in the US and EU for the treatment of obesity only
Slide 4
Novo Nordisk works with four strategic focus areas based

on five core capabilities
Core capabilities
Strategic focus areas
Expand leadership in DIABETES
Establish presence in OBESITY
Engineering,
formulating,
developing
and
delivering
proteinbased
treatments
Deep
disease
understanding
Pursue leadership in HAEMOPHILIA

Expand leadership in GROWTH DISORDERS
The Novo Nordisk Way
Efficient
Planning
large-scale
and
Expand leadership
production
executing
of proteins
global
launches
of new
products
Building
and
maintaining
a leading
position in
emerging
markets
Slide 5
Double digit top line growth driven by diabetes pandemic

The number of people with diabetes
according to IDF
Million
people
North America
China
600
500
387
300
355
151
2000
99
146
10
34
29
13
45
33
2014
2035E
Note: 20-79 age group

1 CAGR for 14-year period
Source: International Diabetes Federation: Diabetes Atlas, 2000 and 2014
50%
50% are
diagnosed
215
100
0
100%
All people with
diabetes
CAGR1: 7.0%
400
200
Europe
Japan & Korea
International Operations
592
Diagnosis and optimal treatment

remains a challenge the rule of halves
50% have access to

care
25%
12%
50% get decent

care
50% reach target
Slide 6
Novo Nordisk has delivered sustained double digit growth

throughout the last decade
Sales growth in local currencies
20052014
Sales growth
Operating profit growth in local currencies

20052014
Operating profit growth
Average growth
30%
30%
20%
20%
Average growth
19%
12%
10%
10%
0%
2005
2014
0%
2005
Note: Numbers for 2007 and 2008 are adjusted for the impact of the discontinuation of
pulmonary insulin projects
2014
Slide 7
Novo Nordisk has a strong leadership position within the

growing diabetes care market
Global diabetes care market
by treatment class
DKK
billion
300
GLP-1
Insulin
Global diabetes care

value market share
OAD
Novo Nordisk
Sanofi
AstraZeneca
Novartis
30%
250
Total market:
CAGR1 12.9%
200
Injectables:
CAGR1 18.0%
20%
CAGR1 16.6%
10%
Merck
Takeda
Eli Lilly
GSK
27%
150
100
50
0
1CAGR
CAGR1 7.7
Feb
2005
for 10-year period

Source: IMS Monthly MAT value figures
Feb
2015
0%
Feb
2005
Source: IMS Monthly MAT value figures
Feb
2015
Slide 8
Strong underlying insulin market growth and steady

market share development
Global insulin market
Device penetration
tMU
500
Modern insulin penetration1
CAGR volume2: 5.6%

CAGR value2: 18.4%
400
Global modern insulin1 volume market shares

Penetration
100%
80%
300
60%
200
40%
20%
Human insulin
Feb
2010
Feb
2015
Eli Lilly
60%
50%
45%
40%
35%
19%
20%
10%
0%
Includes new generation insulin. 2 CAGR for 5-year period

Note: US trend data reflect changes to IMS data collection coverage and methodology as of Jan 2012
Source: IMS Monthly MAT volume and value (DKK) figures
1
Sanofi
30%
Modern insulin1
100
Novo Nordisk
0%
Feb
2010
Includes new generation insulin

Note: US trend data reflect changes to IMS data collection coverage and methodology as
of Jan 2012, does not add up to 100% due to other players
Source: IMS Monthly MAT volume figures
1
Feb
2015
Agenda
1. Novo Nordisk at a glance

2. Highlights from the first three months of 2015
Slide 9
Slide 10
Highlights first three months of 2015

Sales development
Sales increased by 24% in Danish kroner and 9% in local currencies

North America, International Operations and Region China grew by 34%, 22% and 31% in Danish kroner, respectively
Levemir increased by 31% in Danish kroner and continues to capture market share in the US
Victoza increased by 36% in Danish kroner and continues to drive the growth of the GLP-1 market
Tresiba continues to perform well in countries with similar reimbursement as insulin glargine
Research and Development
Tresiba and Ryzodeg resubmitted to the US FDA in March and accepted for review in April
Final two phase 3a trials comparing faster-acting insulin aspart with NovoRapid successfully completed
Positive results for phase 2 trial with oral semaglutide in people with type 2 diabetes
Saxenda approved in Europe for the treatment of obesity

Financials
Operating profit growth of 73% in Danish kroner; adjusted for partial NNIT divestment the growth was 17% in local currency
Diluted earnings per share increased 56% to 3.79 DKK per share and 3.02 DKK when adjusted for partial divestment of NNIT
2015 financial outlook:
Sales growth is now expected to be 7-9% in local currencies (around 16% higher as reported)
Operating profit growth is now expected around 17% in local currencies (around 25% higher as reported)
2015 share repurchase programme increased to DKK 17.5 billion primarily reflecting partial divestment of NNIT
Slide 11
Changes to Executive Management
President & CEO

Lars Rebien Srensen
EVP
Chief Science
Officer
EVP
Product Supply
EVP
China, Pacific &
Marketing
EVP
International
Operations
EVP
Europe
EVP
US
EVP
Corporate
Development
EVP
Chief Financial
Officer
Mads Krogsgaard
Thomsen
Henrik Wulff
Jakob Riis
Maziar Mike
Doustdar
Jerzy Gruhn
Jesper Hiland
Lars Fruergaard
Jrgensen
Jesper
Brandgaard
Slide 12
North America is the main contributor to growth

Sales as reported First three months of 2015
Japan & Korea
+6%
Region China
+31%
5%
Local currencies
15%
Europe
+6%
Growth
Share of growth
11%
56%
5%
11%
International Operations
12%
20%
Region China
11%
13%
Japan & Korea
0%
0%
Total sales
9%
100%
North America
Europe
11%
International
Operations
+22%
Growth analysis First three months of 2015
49%
North America
+34%
20%
Sales of DKK 25.2 billion (+24%)
Slide 13
Growth is driven by modern insulin and Victoza

Sales as reported first three months of 2015
Norditropin
+22%
Other
+30%
Growth analysis first three months of 2015

Local currencies
3%
3%
7%
7%
Haemophilia
+21%
11%
11%
Growth
Share of growth
New-generation insulin
n/a
10%
Modern insulin
8%
39%
Human insulin
0%
0%
18%
28%
Other diabetes care1
6%
3%
Diabetes care
9%
80%
Haemophilia2
6%
8%
Norditropin
9%
7%
14%
5%
Biopharmaceuticals
8%
20%
Total
9%
100%
Victoza
79%
79%
Diabetes care
+24%
Sales of DKK 25.2 billion (+24%)
Other biopharmaceuticals
1
2
Includes protein related products and OAD

Includes NovoSeven, NovoEight and NovoThirteen
Slide 14
Victoza maintains leadership in the US GLP-1 market
Thousands
US GLP-1 market development

MAT GLP-1
TRx (000)
5,000
Growth rate
Total TRx
US GLP-1 market shares
MAT volume
growth rate
25%
GLP-1 TRx
market share
100%
4,000
20%
80%
3,000
15%
60%
2,000
10%
40%
1,000
5%
20%
0%
Feb
2015
0%
0
Feb
2012
Source: IMS NPA MAT, Feb 2015
Victoza
albiglutide
exenatide
dulaglutide
64%
30%
Feb
2012
Source: IMS NPA MAT, Feb 2015
3%
2%
Feb
2015
Slide 15
North America drives strong Levemir performance aided

by continued market share gains in the US
Levemir sales growth driven by strong
performance in North America
DKK
billion
Growth in local currency
3.5
3.0
21%
2.5
Market
share
Levemir device penetration

Levemir market share
Device
penetration
30%
80%
25%
70%
20%
2.0
60%
15%
1.5
68%
1.0
6%
North
America
Europe
Note: Reported sales first three months of 2015
IO
50%
10%
0%
0.5
0.0
Levemir market share and device penetration

in the US modern basal insulin segment
15%
-31%
China
Japan &
Korea
40%
5%
0%
Feb
2012
Source: IMS MAT volume figures
Feb
2013
Feb
2014
Feb
2015
0%
30%
Slide 16
Roll-out of degludec portfolio progressing well

Key launch observations
Tresiba value share of basal insulin segment

in selected countries
Switzerland
Japan
Mexico
Tresiba
launched in 27 countries, recently in Colombia,

Libya, Finland and the United Arab Emirates
Tresiba has shown solid penetration in markets with
similar reimbursement as insulin glargine
Penetration of Tresiba remains modest in markets with
restricted market access compared to insulin glargine
30%
Ryzodeg commercially launched in Mexico and India, and

now also in Bangladesh
15%
India
Sweden
Denmark
Netherlands
launched in Switzerland as first country
27%
27%
25%
20%
15%
13%
10%
Xultophy
United Kingdom
Germany
Argentina
Brazil
5%
4%
8%
7%
0%
0%
1
8%
3%
2%
7
9 11 13 15 17 19 21 23 25
Months from launch
Note: Limited IMS coverage in India

Source: IMS Monthly value figures, Feb 2015
Slide 17
Financial results first three months of 2015

DKK million
Sales
Gross profit
Gross margin
Q1 2015
25,200
21,326
Q1 2014
20,343
16,877
Change
24%
26%
84.6%
83.0%
6,147
5,086
24.4%
25.0%
3,250
3,168
12.9%
15.6%
Administration costs
854
805
Percentage of sales
3.4%
4.0%
2,782
215
N/A
8,033
268
8,301
1,843
73%
N/A
50%
42%
Sales and distribution costs

Percentage of sales
Research and development costs

Percentage of sales
Other operating income, net

Hereof non-recurring income from the IPO of NNIT
Operating profit
Net financials
Profit before income tax
Tax
Effective tax rate
Net profit
Diluted earnings per share (DKK)
Diluted earnings per share (DKK) adjusted for NNIT IPO
21%
3%
6%
2,376
13,857
(1,372)
12,485
2,609
20.9%
22.2%
9,876
3.79
6,458
2.43
53%
56%
3.02
2.43
24%
Slide 18
Organic growth enables steady cash return to shareholders

via dividends and share repurchase programmes
Share repurchase programmes have enabled
continued reduction in share capital
Annual cash return to shareholders

DKK
billion
Free cash flow
Share repurchase
Expanded share
35
30
Dividend
repurchase1
2.5
25
20
15
10
5
0
12
12
14
15
15
10
12
13
6
2011
2012
2013
2014
2015E
Share capital
CAGR -2.7%
600
-3%
550
-2%
-4%
-2%
500
450
580
560
550
530
520
2012
2013
2014
2015
400
350
0
300
Based on improved outlook for free cash flow generation primarily related to partial divestment of NNIT
Note: Dividends are allocated to the year of dividend pay. For 2015 expected free cash flow is DKK 32-34
billion. Share repurchase programmes run for 12 months starting February until end January of the
following year
1
DKK
million
2011
Slide 19
Closing remarks
Solid market performance
>10% annual diabetes care market growth driven
>
by diabetes prevalence
27%
market share in diabetes care and solid

leadership position
47%
insulin volume market share with leadership

position across all regions
45%
modern and new-generation insulin volume

market share
69%
GLP-1 value market share with strong global

leadership position
Source: IMS MAT Feb 2015 volume and value (DKK) figures
Promising pipeline
The only company with a full portfolio of novel
insulin products
GLP-1 portfolio offers expansion opportunity within
type 1 and 2 diabetes
Xultophy supports promising outlook for insulin and
GLP-1 combination therapy
Saxenda holds potential within obesity
Promising pipeline within haemophilia and growth
hormone disorders
Slide 20
Investor contact information

Share information
Novo Nordisks B shares are listed on the stock exchange in
Copenhagen under the symbol NOVO B. Its ADRs are listed on
the New York Stock Exchange under the symbol NVO. For
further company information, visit Novo Nordisk on the
internet at: novonordisk.com
Upcoming events
07 Jun 2015
Investor and analyst event in connection with ADA
06 Aug 2015 Financial statement for the first six months of 2015
Investor Relations contacts

Novo Nordisk A/S
Investor Relations
Novo All, DK-2880 Bagsvrd
Kasper Roseeuw Poulsen
+45 3079 4303
krop@novonordisk.com
Daniel Bohsen
+45 3079 6376
dabo@novonordisk.com
Melanie Raouzeos
+45 3075 3479
mrz@novonordisk.com
29 Oct 2015
Financial statement for the first nine months of 2015
In North America:
03 Feb 2016
Financial statement for 2015
Frank Daniel Mersebach
+1 609 235 8567 fdni@novonordisk.com
Backup
Slide 21
Slide 22
Significant news flow from late-stage diabetes and obesity

pipeline
Results available
Project
Past 3 months
Within 3 months
US resubmission
Oral GLP-1
Phase 2
Faster-acting
insulin aspart
onset 2
Tresiba
In ~3-6 months
In ~6-9 months
In ~9-12 months
SWITCH 1
SWITCH 2
Saxenda
onset 1
SCALE extension data

ADJUNCT ONE
LATIN T1D
ADJUNCT TWO
SUSTAIN 1
SUSTAIN 3
Semaglutide
SUSTAIN 2
SUSTAIN 4
SUSTAIN 5
SUSTAIN 6
Victoza
Note: Indicated timeline as of financial release of first three months of 2015 on 30 Apr
LEADER
Slide 23
Financial outlook for 2015

Expectations
30 Apr 2015
Sales growth - local currencies
Previous expectations
30 Jan 2015
7-9%
6-9%
Around 16 percentage points higher
Around 17%
Around 10%
Loss of around DKK 6 billion
Loss of around DKK 5 billion
Around 21%
Around 22%
Capital expenditure
Around DKK 5.0 billion
Depreciation, amortisation and

impairment losses
Around DKK 32-34 billion
Around DKK 29-31 billion
Sales growth - reported

Operating profit growth - local
currencies
Operating profit growth - reported
Net financials
Effective tax rate
Free cash flow
The financial outlook is based on an assumption of a continuation of the current business environment and given the current scope of business activities and has been prepared assuming that currency
exchange rates remain at the level as of 27 Apr 2015

Novo Nordisk 20150602 - Finansanalytikerforeningen - vFINAL

Hochgeladen von

Dokumentinformationen

Originaltitel

Copyright

Verfügbare Formate

Dieses Dokument teilen

Dokument teilen oder einbetten

Freigabeoptionen

Stufen Sie dieses Dokument als nützlich ein?

Sind diese Inhalte unangemessen?

Copyright:

Verfügbare Formate

Novo Nordisk 20150602 - Finansanalytikerforeningen - vFINAL

Hochgeladen von

Copyright:

Verfügbare Formate

Slide 1

Mexico City part of Cities Changing Diabetes

1. Novo Nordisk at a glance

Important drug information

Novo Nordisk works with four strategic focus areas based

Strategic focus areas

Expand leadership in DIABETES

Establish presence in OBESITY

Pursue leadership in HAEMOPHILIA

Double digit top line growth driven by diabetes pandemic

Note: 20-79 age group

Diagnosis and optimal treatment

50% have access to

50% get decent

Novo Nordisk has delivered sustained double digit growth

Operating profit growth in local currencies

Novo Nordisk has a strong leadership position within the

Global diabetes care

for 10-year period

Source: IMS Monthly MAT value figures

Strong underlying insulin market growth and steady

Modern insulin penetration1

CAGR volume2: 5.6%

Global modern insulin1 volume market shares

Includes new generation insulin. 2 CAGR for 5-year period

Includes new generation insulin

1. Novo Nordisk at a glance

Highlights first three months of 2015

Sales increased by 24% in Danish kroner and 9% in local currencies

Saxenda approved in Europe for the treatment of obesity

Changes to Executive Management

President & CEO

North America is the main contributor to growth

Japan & Korea

Growth analysis First three months of 2015

Sales of DKK 25.2 billion (+24%)

Growth is driven by modern insulin and Victoza

Growth analysis first three months of 2015

Other diabetes care1

Sales of DKK 25.2 billion (+24%)

Includes protein related products and OAD

Victoza maintains leadership in the US GLP-1 market

US GLP-1 market development

US GLP-1 market shares

Source: IMS NPA MAT, Feb 2015

North America drives strong Levemir performance aided

Growth in local currency

Levemir device penetration

Note: Reported sales first three months of 2015

Levemir market share and device penetration

Source: IMS MAT volume figures

Roll-out of degludec portfolio progressing well

Tresiba value share of basal insulin segment

launched in 27 countries, recently in Colombia,

Ryzodeg commercially launched in Mexico and India, and

launched in Switzerland as first country

Note: Limited IMS coverage in India

Financial results first three months of 2015

Sales and distribution costs

Research and development costs

Other operating income, net

Organic growth enables steady cash return to shareholders

Annual cash return to shareholders