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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. It is one of

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Speaker 1: the big stories of the morning. What is happening with

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Speaker 1: Novo is fascinating, as you say, company coming out this morning,

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Speaker 1: cutting revenue, missing on a number of metrics. But look

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Speaker 1: at the share price last time I checked, and it

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Speaker 1: was just up on the screen, just a moment ago,

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Speaker 1: up by what one one on a bit percent? Does

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Speaker 1: that signal maybe that the market believes that this causer,

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Speaker 1: this Q three is the bottom. Let's ask Mike Dusta,

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Speaker 1: he is the CEO of this business. Now, great to

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Speaker 1: see you, Mike. Thanks you spending some time with us

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Speaker 1: this morning. Is that the right interpretation? Is this the

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Speaker 1: kind of the bottom? Is the glass half full from here?

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Speaker 1: After being half empty for so long? Do things get

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Speaker 1: better from here?

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Speaker 2: What I can tell you is that the first nine

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Speaker 2: months of the year fifteen percent profit a sales girl

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Speaker 2: time ten percent profit growth is not so bad at

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Speaker 2: all compared to our peers. But I think that when

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Speaker 2: you look at it quarter by quarter has been a

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Speaker 2: headwind and bringing the quarterly growth rates lower. If you

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Speaker 2: project our numbers for the full year, actually you see

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Speaker 2: that quarter four should be in negative territory so that

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Speaker 2: you see.

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Speaker 1: Mathematically the low point. The low point is still to come,

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Speaker 1: but things get better from there.

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Speaker 3: There's for sure a headwind against us.

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Speaker 2: Having said this, we are in the business of marathons

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Speaker 2: and not sprints. So there is huge amount of unmet need,

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Speaker 2: with many patients still not on our medications or not

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Speaker 2: on any medications.

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Speaker 3: And I look incredibly.

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Speaker 2: Forward, of course, as we go forward taking over this

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Speaker 2: new job, making sure that the expand the market and

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Speaker 2: get to those people.

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Speaker 1: You've been in the job for ninety one days. You

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Speaker 1: haven't let the grass grow under your feet. You're already

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Speaker 1: talking about cost cuts you will talk about in a minute.

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Speaker 1: You've launched a big M and a deal. Is this

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Speaker 1: the new Novo? Is this a more dynamic, aggressive Nova? Notice?

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Speaker 2: Under your tenure, the success we have had with obesity

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Speaker 2: has meant that a lot of companies, pretty much all

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Speaker 2: pharma companies out there, has gone excite about what we do.

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Speaker 2: So that is good from a patients perspective. Okay, more

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Speaker 2: players will come in, but at the same time we

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Speaker 2: have to make sure we can outperform the competition from

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Speaker 2: a shareholder perspective.

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Speaker 3: So my job is to really.

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Speaker 2: Make sure that we are ready for the headwind that

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Speaker 2: we clearly are seeing coming towards us.

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Speaker 1: When are you going to match Eli Lilly in terms

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Speaker 1: of performance? They head results a few days ago, they

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Speaker 1: will knock out. When are you going to be able

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Speaker 1: to match that kind of performance? You talk about a

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Speaker 1: kind of performance culture here.

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Speaker 2: Again, my job is to put the patient in the

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Speaker 2: center of what I do, and not necessarily just my competitor.

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Speaker 2: We watch them, We take all of our competitors seriously,

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Speaker 2: but there are hundreds of millions of people out there

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Speaker 2: that are suffering from diabetes and obesity that no one

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Speaker 2: is right now addressing. My job is to sustainably lead

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Speaker 2: our self thoughts that aim.

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Speaker 1: How does Matt Sarah help you do that MATTERA.

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Speaker 2: Has some of the best complimentary assets to our own

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Speaker 2: phenomenal pipeline.

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Speaker 3: So when the ambition is.

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Speaker 2: In billions and not millions, you need basically all the

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Speaker 2: great assets to get great.

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Speaker 1: Assets, but complementary Okay, So why do you need complementary

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Speaker 1: assets because you've got you've got all these products. Why

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Speaker 1: do you need to go and buy this business?

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Speaker 2: Because obesity and diabetes is not a single disease, It's

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Speaker 2: an individual disease. You basically have different preferences. Take a

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Speaker 2: look at the great vigor VI pill we're about to

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Speaker 2: launch in US. Well, that's for people that don't like injection.

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Speaker 2: Sure they would like to lose weight, but they don't

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Speaker 2: have a viable offering from.

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Speaker 1: Us or the competitors very similar products. And the question

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Speaker 1: that I've listened to a lot of analysts, talk to

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Speaker 1: a lot of analysts, and the question they keep coming

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Speaker 1: up with is does this seem to signal maybe that

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Speaker 1: you don't believe in the current Novo portfolio?

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Speaker 3: Absolutely not, Absolutely not.

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Speaker 2: We are in a situation where every single patient has

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Speaker 2: a different preference and we need to have the product

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Speaker 2: offering that matches that they.

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Speaker 1: Got a monthly weekly. Is that really the big difference?

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Speaker 2: Well, we saw that the weekly was a big difference

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Speaker 2: to the daily one. So I would say for montly

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Speaker 2: it does make a difference. For some probably yes, for

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Speaker 2: some probably yes. Others will prefer to have a weekly product.

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Speaker 1: Is it more important to find AS it doesn't buy

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Speaker 1: its than Novo does buyas Because that's another thing I.

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Speaker 3: Hear is my focus is on Nova orders. I am am.

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Speaker 3: You know.

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Speaker 2: The way I see this is there's a company for

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Speaker 2: seller's a buyer and a seller, and basically one of

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Speaker 2: the buyers doesn't like the price and the other one does.

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Speaker 3: My job is to make sure I look at.

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Speaker 2: What we did and we would very much benefit from

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Speaker 2: Matzera's assets, and we'll put the right price up there.

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Speaker 1: For our what's the right price could you get?

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Speaker 2: The current price in the market has been you know,

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Speaker 2: addressed by Matsell's shareholders, and then we'll see.

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Speaker 3: Where this goes.

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Speaker 1: Do you think fights it comes back? I have no idea,

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Speaker 1: You have no idea, But if they do, will you

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Speaker 1: go high how important this is.

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Speaker 2: And make an announcement today on how I'm going to

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Speaker 2: treat how do you.

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Speaker 1: Make sure you don't overpay for this asset.

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Speaker 2: By having actually looked very deeply into the data. As

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Speaker 2: I mention, we know this company very well. We have

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Speaker 2: seen this company for a long time and we like

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Speaker 2: what we have seen.

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Speaker 1: Okay, you're going to London, I think tomorrow? Right?

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Speaker 3: Possibly?

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Speaker 1: Okay, are you going to the States after that?

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Speaker 2: I'm looking at the whole world, so I'm going to

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Speaker 2: go everywhere.

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Speaker 1: So the rumor is the basically you're going to be

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Speaker 1: in the White House on Thursday and You're going to

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Speaker 1: tell me that the deal's not done with the Trump

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Speaker 1: administration on pricing, and I'm going to ask you how

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Speaker 1: close are you there for to a deal.

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Speaker 2: I'm going to say that we are very much aligned

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Speaker 2: with the purpose of the negotiations and the discussions we're

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Speaker 2: having with the administration. We both would like to provide

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Speaker 2: access to many more patients out there, affordable access.

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Speaker 1: Are you close?

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Speaker 3: So we are discussing very closely.

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Speaker 1: Okay, okay, closely. One of the parts of the discussion

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Speaker 1: I'm assuming has to be about what is happening with copycats,

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Speaker 1: about the companies that are producing drugs that were allowed

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Speaker 1: when there were shortages but now using loopholes to maybe

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Speaker 1: continue to produce products. And I'm wondering whether or not

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Speaker 1: a deal with the White House would include maybe closing

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Speaker 1: some of those loopholes. What are the compounders doing in

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Speaker 1: terms of your business?

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Speaker 2: I can tell you is that we have not been

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Speaker 2: We have been quite surprised on how the compounding has

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Speaker 2: gotten started. Taking an API, there are ingredients of a

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Speaker 2: medication that has not been approved by FDA, and injecting

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Speaker 2: that into human beings is something very far from what

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Speaker 2: we have been educated in this industry, so we will

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Speaker 2: continue to lobby for you that this is simply not right.

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Speaker 2: Just I will not get into the details of the deal,

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Speaker 2: as you could imagine.

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Speaker 1: We will wait and see what the deal looks like

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Speaker 1: later this week. Thank you very much for stoping by

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Speaker 1: to see us. We really appreciate it. And thank you

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Speaker 1: for inviting us to the headquarters. We really appreciate that

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Speaker 1: as well. Mike Dister, the CEO of Novo Nordice,