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Speaker 1: Good morning. It's Thursday, the tenth of August here in London.

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Speaker 1: This is the Bloomberg Dabate You At podcast. I'm Caroline Hetka.

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Speaker 2: And I'm Valerie Titel. Coming up today. Drugs maker Novo

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Speaker 2: Nordisk gets a big boost from its breakthrough weight loss drug.

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Speaker 1: The House of Mouse strikes it rich and announces a

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Speaker 1: massive hike two streaming prices.

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Speaker 2: And in Ecuador, a sixty day state of emergency has

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Speaker 2: been declared in response to the assassination of a presidential candidate.

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Speaker 1: Let's start with a round up of our top stories.

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Speaker 2: Drug giant Novo Nordists expects significant sales growth in the

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Speaker 2: next year as demand surges for its breakthrough weight loss drug,

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Speaker 2: Europe's second most valuable firm. Says that appetite for the

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Speaker 2: drug is so strong that they could struggle to keep

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Speaker 2: up with demand in the short term. Bloomberg's Copenhagen Bureau

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Speaker 2: chief Kristin Weinberg says the company's biggest challenge is market expectations.

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Speaker 3: From once you start becoming a big hit than the

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Speaker 3: expectations to your performance rise. And you can see that

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Speaker 3: also today that it's hard for NORMN orders to get

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Speaker 3: investors and excited with even with racing its forecast. Bear

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Speaker 3: in mind the Doctored rise seventeen percent the other day

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Speaker 3: when they announced the heart benefit results from the trial

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Speaker 3: on the weight loss drag.

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Speaker 2: Christian Weinberg added that the firm's weight loss treatments have

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Speaker 2: sparked a gold rush in the farmer industry. Analysts predict

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Speaker 2: that the class of drugs could become a massive earner

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Speaker 2: for the sector.

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Speaker 1: European natural gas prices have edged down today after hitting

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Speaker 1: the highest level since March of last year. The twenty

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Speaker 1: eight percent spike yesterday followed news that LNG workers in

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Speaker 1: Australia voted to strike, potentially disrupting as much as ten

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Speaker 1: percent of global supplies. The volatility also comes as the

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Speaker 1: CEO of the utility giant Eon wound that Europe's market

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Speaker 1: is still vulnerable. Here's what Leonard Bernbaum told Bloomberg.

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Speaker 4: We have to be clear that the change the structure

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Speaker 4: changed due to the Russian war against Ukraine and the

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Speaker 4: dropout of Russian gas for survived Europe is going to stay,

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Speaker 4: and therefore the crisis is not over and we have

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Speaker 4: to do our part to make sure that we stabilize

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Speaker 4: the situation as much as we can. In Europe.

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Speaker 1: That warning from the CEO of eoncomes as you opinion.

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Speaker 1: UK natural gas prices remained significantly lower than they were

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Speaker 1: last year. The Dutch TTF benchmark a futures contract has

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Speaker 1: dropped by fifty percent this year.

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Speaker 2: A strike by writers and actors has helped to slice

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Speaker 2: three billion dollars off Disney's spending on films and television shows.

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Speaker 2: The world's largest entertainment company now plans to allocate twenty

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Speaker 2: seven billion dollars to content this year. Speaking to investors,

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Speaker 2: Disney's CEO Bob Iiger, focused heavily on cost cutting in the.

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Speaker 5: Eight months of their return. We've undertaken an unprecedented transformation

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Speaker 5: at Disney, and this quarter's earnings reflect some of what

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Speaker 5: we have accomplished. The company was completely restructured, restoring creativity

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Speaker 5: to the center of our business. We aggressively reduce costs

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Speaker 5: across the enterprise, and we're on track to exceed our

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Speaker 5: initial goal of five point five billion dollars in savings.

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Speaker 2: Disney's quest to reduce costs comes as the company also

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Speaker 2: announced it's raising prices for some of its streaming subscriptions

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Speaker 2: by as much as twenty seven percent. It's the second

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Speaker 2: price increase for Disney Plus in less than a year.

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Speaker 1: Now, those are a few of our top stories this morning.

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Speaker 1: Let's cross over to Bloomberg Television who are speaking to

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Speaker 1: nov Nordisk's CEO Lars Figuarde Yugson. Have a listen.

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Speaker 6: I'm not concerned at all. This is a really unique

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Speaker 6: opportunity for our no noise. We have seen a tremendous

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Speaker 6: willingness to use our buston medicine, not least in the US,

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Speaker 6: but also in Europe where we have launched. We have

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Speaker 6: this week announced a set of really attractive cutrescular data

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Speaker 6: not yet in the label so we cannot quote them.

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Speaker 6: So this is just going to push the demand even bigger.

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Speaker 6: And we want to make sure that patients who start

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Speaker 6: on treatment can stay on treatment, so we will keep

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Speaker 6: restricting a bit the starter of doses in the US

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Speaker 6: to make sure that patients can have a good experience

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Speaker 6: and ties it up to the maintenance dose. But we

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Speaker 6: have all those strengths available in the US. We are

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Speaker 6: increasing manufacturing, so this is indeed a very positive outlook.

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Speaker 7: So what are you telling me? Shorter term, we could

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Speaker 7: have more shortages, but then the longer term it'll be easier. Again.

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Speaker 7: At what point do you anticipate to be able to

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Speaker 7: meet demand fully?

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Speaker 6: Well, we have guided over the past quarters that we

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Speaker 6: are expanding our manufacturing. We have new lines coming in,

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Speaker 6: we have extra lines starting this year being ramped up.

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Speaker 6: We have more lines coming in, so we'll constantly keep growing.

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Speaker 6: If you look at our financial reports from this quarter,

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Speaker 6: you can see a massive growth in the deal one

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Speaker 6: based products growing, you know, fifty undred three hundred percent,

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Speaker 6: so volumes are going up significantly. Now I don't know

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Speaker 6: how demand will develop. It looks like it will develop

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Speaker 6: very strongly also because of our latest data. So we

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Speaker 6: cannot tell exactly when we'll be able to meet demand

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Speaker 6: because we don't know what that demand is. But I

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Speaker 6: can tell you that we'll be increasing manufacturing and this

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Speaker 6: is going to drive growth of no noise also in

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Speaker 6: the coming quarters.

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Speaker 7: Affordability, of course, is a huge, huge issue for patients

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Speaker 7: and will becoming even more so if ensures start looking

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Speaker 7: at covering some of these drugs. How do you justify

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Speaker 7: charging four times as much in the US as you

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Speaker 7: do in Germany.

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Speaker 6: Well, you have two factor in that in the US

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Speaker 6: rebates also being paid, so the prices you allude to

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Speaker 6: are different in real world. We are launching in the

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Speaker 6: US enterplies are going to the US to last degree

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Speaker 6: right now. We just came out with a strong cut

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Speaker 6: vescular protective profile to be added to the label we expect,

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Speaker 6: So I think the value of obesity care is being

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Speaker 6: a step is these years, and most of our patients

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Speaker 6: in the US are on insurance schemes and they have

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Speaker 6: a very low COPEY individually.

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Speaker 7: Are you seeing a shift in payer attitudes given the

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Speaker 7: profiles of these drugs, do you think they'll really cat

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Speaker 7: jump into other jurisdictions as well? Well?

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Speaker 6: We have seen in the US where we launched first

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Speaker 6: high willingness among payers to adopt antibest medicine. When you

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Speaker 6: get to the weight loss profile like we bring in Europe,

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Speaker 6: it's still to a lower degree reimbursed. And that's why

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Speaker 6: it's important that we now have the prospects of adding

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Speaker 6: the carscular safety to the label. And I believe that

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Speaker 6: treating obesity is going to be one of the healthcare

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Speaker 6: interventions that's going to have the strongest return in terms

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Speaker 6: of preventing diabetes. Carvascu disease and number of cancers. There

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Speaker 6: are more than two hundred commobilities linked to obesity. So yes,

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Speaker 6: I do believe that for payers is going to be

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Speaker 6: a very attractive proposition and increasing increasingly so with the

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Speaker 6: latest data we have reported.

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Speaker 7: When do you expect to launch go VI in the

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Speaker 7: UK and what's holding you back?

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Speaker 1: Right now?

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Speaker 6: We have launched in a few markets. In each and

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Speaker 6: every market we have seen a very very steep uptake,

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Speaker 6: so continuity of care is important for us, so we

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Speaker 6: will gradually be rolling out. Also outside of the US.

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Speaker 6: We have recently launched in Germany Germany which is a

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Speaker 6: focused launch because there was a window opportunity there to

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Speaker 6: make a special obst program, and will gradually be going

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Speaker 6: to other markets in similar fashions. I cannot comment on

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Speaker 6: those exact launch dates unfortunately, but.

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Speaker 7: If you look at some of the questions, and you know,

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Speaker 7: some investors are spooked by some of the data indicating,

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Speaker 7: for example, that most people that start taking GLP one

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Speaker 7: drugs within the first year of treatment then revert back

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Speaker 7: to what they had before, Like how long do you

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Speaker 7: recommend people stay on these drugs?

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Speaker 6: For What we see is that the latest product, semi

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Speaker 6: glue type based product actually brings significantly higher weight loss

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Speaker 6: than what has been seen in the past. I think

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Speaker 6: some of those prior reports has been studied of you know,

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Speaker 6: data studied before we Go was launched. So I think

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Speaker 6: it's really important to acknowledge that obesity is a chronic disease.

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Speaker 6: We see that being on treatment reduces cut rescue disease

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Speaker 6: when you use a product like a sea glue tight

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Speaker 6: two point four milligram, and patient should really stay on

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Speaker 6: that treatment to have the benefit, and you are preventing

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Speaker 6: other commobilities that would otherwise have led to you being

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Speaker 6: on growing treatment for those conditions. So this is a

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Speaker 6: long term understanding of obesity being diseased, the value of

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Speaker 6: being on treatment, and then the value for the individual patient,

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Speaker 6: but also healthcare systems. So I think there's going to

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Speaker 6: be a tremendous value case for the visual patient but

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Speaker 6: also for health care society by being on treatment for

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Speaker 6: you for years.

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Speaker 7: Mister Fergar, It's really incredible how this has captured the

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Speaker 7: imagination of a listor celebrities Hollywood. Elon Musk is also

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Speaker 7: tweeting about some of these drugs. Is that daunting that

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Speaker 7: you could almost have a trial by tweet or you know,

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Speaker 7: a trial by TikTok if something were to happen and

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Speaker 7: go wrong.

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Speaker 6: I think the key thing here is that we're approaching

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Speaker 6: a time where around a billion people live with obesity,

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Speaker 6: and this is something that impacts individual a lot. And

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Speaker 6: so for the first time we see that there's advent

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Speaker 6: of case if the case is medicine to treat that.

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Speaker 6: And when you have lit with obesity for for years,

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Speaker 6: many significant part of their life had tried a lot

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Speaker 6: of things to mitigate that, and now there only there's

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Speaker 6: an opportunity to reverse that. That creates a lot of excitement,

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Speaker 6: a lot of hope, and that is what drives the

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Speaker 6: demands that we are we are working hard to fulfill.

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Speaker 6: And that's a huge opportunity for the individual living with obesity,

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Speaker 6: for society, as I mentioned, and obviously also for a

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Speaker 6: company like Nonois, who has spent a quarter of our life,

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Speaker 6: you know, turning on hondred years this year. So we

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Speaker 6: spent more than twenty five years researching and developing products

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Speaker 6: in obesity at a time where nobody felt that that

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Speaker 6: was possible, but we kept at it, and now we

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Speaker 6: see an afflection point that is really really exciting for

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Speaker 6: patients and the future growth of non.

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Speaker 1: Audisk nov Nor Disk CEO. They're speaking to our colleague

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Speaker 1: a Bloomberg's fancy in lack of on Bloomberg TV. Of course,

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Speaker 1: the CEO laws for our guard Jogensen talking about nov

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Speaker 1: Nor disks second quarter sales. I mean very interesting. No

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Speaker 1: over nor Disk in the last two years, you know,

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Speaker 1: has shot to be an absolute in terms of the

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Speaker 1: European market. You know, their market cap is bigger than

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Speaker 1: the whole Danish GDP. And so we got quite a

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Speaker 1: number of questions from from from far scene, of course,

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Speaker 1: about how the company actually meets demand for these weight

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Speaker 1: loss products.

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Speaker 2: It's actually a lot of a lot of questions about

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Speaker 2: you know, their ability to supply this this big demand

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Speaker 2: that we've seen. But those shares up seventeen sorry, up

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Speaker 2: nineteen percent so far this week. It sure has attracted

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Speaker 2: a lot of attention from market players.

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Speaker 1: Yeah, absolutely, of ze pic and week Govey. So you

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Speaker 1: heard that CEO interview here on Bloomberg. Valuie Titel though

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Speaker 1: a moment to focus on the USCPI data that we

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Speaker 1: get out. I mean, it's still quite a long way

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Speaker 1: before the next Fed decision on the twentieth of September,

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Speaker 1: but very important for markets today.

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Speaker 2: Your thoughts, Oh, it's an important day from markets. CPI

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Speaker 2: day known as the one of the most volatult trading

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Speaker 2: days of the month. But what we have in store

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Speaker 2: for us if we get these consents, this estimate is

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Speaker 2: good news for the Fed. The market's attention is a

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Speaker 2: lot going to be on the core print as expected,

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Speaker 2: the core month on month print especially expected to come

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Speaker 2: in again at point two percent. And I want to

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Speaker 2: note this out specifically because if we continually get point

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Speaker 2: two s month on month four core CPI, that means

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Speaker 2: inflation will trend down annually to this to the Fed's

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Speaker 2: inflation target of two percent. So it would be great

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Speaker 2: news if we see that today, and if we do,

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Speaker 2: expect the FED members to come out sound more dubvish

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Speaker 2: and really stick their neck out there and call for

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Speaker 2: a pause in September.

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Speaker 8: Yeah.

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Speaker 1: What about the other issue though, you know, again inflation,

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Speaker 1: but more from the ECB and Bank of England perspectives,

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Speaker 1: the natural gas price spite that we saw yesterday. Yes,

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Speaker 1: it's eased off a little bit today, but it's again

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Speaker 1: kind of raised the temperature in the energy markets. How

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Speaker 1: much of a concern do you think that's going to

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Speaker 1: be for central banks in terms of inflation coming it's.

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Speaker 2: It definitely caught many people's attention, especially because it comes

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Speaker 2: in this backdrop of crude prices coming at a nine

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Speaker 2: month high. So a reassurgence of energy prices maybe a

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Speaker 2: bit more of a headache for the ECB because they

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Speaker 2: really can't stand by and see another energy price shock

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Speaker 2: hit the European economy and it could possibly tempt them

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Speaker 2: to hike again in September if we do see an

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Speaker 2: extended price rise in European net gas. But I want

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Speaker 2: to coveyat it with two things, Caroline, one being natural

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Speaker 2: gas storage in Europe is running near one hundred percent.

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Speaker 2: We're not really having the problems that we were last

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Speaker 2: year during the Russia Ukraine tensions when storage wasn't that high.

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Speaker 2: So storage is in a good spot. And then we

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Speaker 2: also have a very good, good disinflation impulse coming out

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Speaker 2: of China that should also help in terms of preventing

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Speaker 2: an energy price shock from really hitting us hard like

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Speaker 2: it did earlier last year.

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Speaker 5: Yeah.

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Speaker 1: Absolutely. Now let's go to a significant political story today.

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Speaker 1: One of Ekador's most prominent journalists. The candidate the presidential

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Speaker 1: election on the twentieth of August, has been assassinated. Fernando

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Speaker 1: Vfi Sensio, who was known for his crusade against corruption,

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Speaker 1: was killed after a campaign event in the capital city Kito.

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Speaker 1: Let's speak to our colleague Binebigs. Tom mackenzie has been

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Speaker 1: looking into this story for US. Good Morning Tom. Violence

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Speaker 1: absolutely soared in Ecuador due to the drugs trade. This candidates,

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Speaker 1: very well known in Ecuador, was supposed to be under

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Speaker 1: police protection.

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Speaker 8: And indeed indeed he was, and he was aware of

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Speaker 8: the risks, which really just points to the brave nature

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Speaker 8: of this man in terms of taking on the attempts

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Speaker 8: to become a candidate. Indeed, he was a candidate amongst eight,

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Speaker 8: of course, running for the presidency of Ecuador. In fact,

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Speaker 8: I can quote from him in a recent interview he said,

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Speaker 8: although they threatened me, and he was referring to the

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Speaker 8: drug cartels with the mafia, you don't make deals. He

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Speaker 8: did have police protection and in fact there was a

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Speaker 8: shootout between his protection detail and the assassins. We've heard

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Speaker 8: from the President of Ecuador, Lasso, who said that one

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Speaker 8: suspect was killed, nine were wounded, and six suspects were arrested.

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Speaker 8: As you say, Via Vicenzio became a household name through

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Speaker 8: his reporting, his brave reporting in recent years on corruption

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Speaker 8: scandals in that country and the plight at the hands

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Speaker 8: of the criminal gang's focused of course on the drugs trade,

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Speaker 8: and it was that platform that allowed him to run.

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Speaker 8: He was gaining, according to the polls, about thirteen point

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Speaker 8: five percent, between thirteen and fourteen percent. When he was polled,

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Speaker 8: he was the second most popular candidate, So significant in

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Speaker 8: terms of that presidential election, of course on an individual

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Speaker 8: level for him in his family, but also for the

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Speaker 8: politics of this country.

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Speaker 2: And with the elections in Ecuador under two weeks away,

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Speaker 2: what does this mean for Ecuador's democracy?

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Speaker 8: Well, the context is this is a country that's gone

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Speaker 8: from being relatively peaceful, sandwiched as it is between Columbia

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Speaker 8: and Peru, to one that has been riven now by

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Speaker 8: drug gangs and cartels focused on the cocaine trade. Part

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Speaker 8: of the reason is because it has access and these

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Speaker 8: cartels use those ports to ship the cocaine out to

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Speaker 8: their markets in Europe and the US, and Ecuador has

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Speaker 8: fallen vixim to that in terms of the presidential campaign,

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Speaker 8: we've heard from some of the other leading candidates who've

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Speaker 8: suspended their campaigns at least temporarily. A state of emergency

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Speaker 8: has been imposed by the current president, a sixty day

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Speaker 8: state of emergency, Gillemalasso saying that the military have been

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Speaker 8: put on high alert. There is a concern, or at

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Speaker 8: least there's an expectation from some analysts that maybe voters

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Speaker 8: now will move closer to hardline candidates, and we've seen

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Speaker 8: the popularity of some leaders, for example, the leader of

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Speaker 8: El Salvador Naya Bukeli, who's taken a very hard line

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Speaker 8: rounding up thousands of gang suspects. There are candidates who

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Speaker 8: espouse similar views to that, and potentially voters could move

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Speaker 8: in that direction, but clearly the ramifications indications for this

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Speaker 8: election remain relatively unknown. Now there is a sixty day

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Speaker 8: state of emergency.