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Speaker 1: Bloomberg Audio Studios, podcasts, radio news Time Now for some

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Speaker 1: top calls.

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Speaker 2: The analyst actions that we are following. First up, Jeffries

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Speaker 2: cuts Deer to a Cell, saying the stock already reflects a.

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Speaker 1: Full recovery and farm demand.

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Speaker 2: The firm also warned that higher costs, trade uncertainty, and

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Speaker 2: heavy debt could hamper the company's recovery. Next up, well

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Speaker 2: as Fargo, they upgrade Alphabet Dubui, calling it an AI

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Speaker 2: winner with strengths and consumer data distribution and compute capacity.

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Speaker 2: Shares only up two tens and percent, And finally, Bank

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Speaker 2: of America downgrades General Mills, saying its recovery story is

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Speaker 2: not playing out.

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Speaker 1: The firm says hopes for a PET rebound.

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Speaker 2: Instead, her sales have stalled as shoppers pull back elsewhere.

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Speaker 2: Nover Noordous next Generation OPEC shot cagri Semma underperformed Eli

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Speaker 2: Lilly's to Zeppra Tide and a head to head trial.

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Speaker 2: Let's bring a nover Noordous Chief Scientific Scientific Officer Mark

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Speaker 2: and host Long on this. Martin, thank you so much

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Speaker 2: for joining us this morning. And I just want to

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Speaker 2: bring you a comment from a shareholder of nov Nordice

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Speaker 2: of global Health invest NOV notice this opportunity to make

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Speaker 2: a comeback in the.

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Speaker 1: Fight against Lily. This was it.

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Speaker 2: This obviously weekends them in a fight. What would be

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Speaker 2: your message to those who believe the same thing, who

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Speaker 2: have looked at this study and said, now this means

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Speaker 2: NOVO is falling even further behind Eli Lilly, I.

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Speaker 3: Would answer, it's been a few years since we designed

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Speaker 3: the redefined program, the program to show the weight loss

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Speaker 3: potential of caguisemma. We already last year learned that to

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Speaker 3: really see the true weight loss potential of cagurosemma, it

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Speaker 3: is a very powerful combination of two molecules. We need

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Speaker 3: to have what we call it this both titration algorithms

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Speaker 3: to really allow patients to tyitrate the very powerful treatment

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Speaker 3: in the way that they prefer. We could see from

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Speaker 3: the first study that that could be further optimized in

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Speaker 3: this setting. We could not manage to implement those learnings

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Speaker 3: in what we call redefined form, which is the study

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Speaker 3: that we discussed today, So the jury is still out

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Speaker 3: of what can caguissemma actually achieve. In the study that

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Speaker 3: read out today, we saw twenty three percent weight loss

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Speaker 3: with cagrissimma that is actually very substantial and it is

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Speaker 3: among the best weight losses that we've seen also amongst

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Speaker 3: the drugs in the market.

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Speaker 2: Right, of course, just sort of the shore point in

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Speaker 2: that if I can jump in Martin is just the

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Speaker 2: comparison to Lily, it will forever be there.

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Speaker 1: So what is the plan then to catch up with them?

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Speaker 3: Yeah, exactly. So, first of all, the twenty three percent

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Speaker 3: weight loss that we solved with cagris emma is in

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Speaker 3: line with what we've previously seen. The twenty five percent

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Speaker 3: which we saw with the comparative drug is actually the

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Speaker 3: best data that has been seen so far in similar trials,

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Speaker 3: which is a little bit surprised, but it stands alone

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Speaker 3: in terms of that twenty five percent. But we've also

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Speaker 3: taken a lot of learnings in terms of how we

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Speaker 3: can improve the titration for cagrisemma. We've implemented those learnings

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Speaker 3: in the study that's currently ongoing that started it is

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Speaker 3: called Redefine eleven and reguarded for the last year. That

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Speaker 3: only when we see those data do we know the

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Speaker 3: full weight loss potential of cagrosemma. Furthermore, we are initiating

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Speaker 3: during this year Phase three start is to investigate it

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Speaker 3: even higher doses of cagrisemma. And then obviously we have

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Speaker 3: our very competitive pipeline starting within agamside that starts phase

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Speaker 3: three this year, but also our two triagonist that is

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Speaker 3: currently in phases one and two. So I think from

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Speaker 3: a short but also a longer term perspective, we have

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Speaker 3: a very competitive portfolio and pipeline.

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Speaker 2: Martin, on that pipeline, you seem confident on it. You

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Speaker 2: would you like to see that bolstered by some m

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Speaker 2: and a by bringing in organic growth to the pipe

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Speaker 2: line too.

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Speaker 3: The way we think about this is that business is

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Speaker 3: a very complex disease, and obviously we want to have

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Speaker 3: drugs that provide the biggest weight loss, but we also

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Speaker 3: have want to have drugs that gives as few side

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Speaker 3: effects as possible. That we also have want to have

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Speaker 3: drugs that provide commobidities, and to an extent, in our

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Speaker 3: current portfolio we have all of that. We also have

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Speaker 3: the best in class all already on the market in

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Speaker 3: the US, and the Senate Game Site offering that is

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Speaker 3: starting phase three will have both a subconchaneous and an

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Speaker 3: awful all offering with what we be with market.

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Speaker 2: Why why within that did you not follow Lily with

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Speaker 2: the truer Zepra tide and develop a g LP one

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Speaker 2: g I P Why not go down that route when

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Speaker 2: so many other companies did.

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Speaker 3: We need to follow our philosophy. Where we do development,

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Speaker 3: we also want to we always want to see differentiated

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Speaker 3: weight loss potential or efficacy potential, but also the differentiated

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Speaker 3: safety and sol ability. We do believe that we will

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Speaker 3: see that when we see redefine eleven in terms of

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Speaker 3: weight loss CAKU SMA. But we also believe that we

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Speaker 3: have that potential for EMI cretin, which is another version

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Speaker 3: of addressing two biologies. So you mentioned GLP one g

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Speaker 3: ip senagamtide is GLP one plus sorry, Emlin. And then

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Speaker 3: we have what we call triagonist, which is basically the

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Speaker 3: next level.

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Speaker 1: We do again.

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Speaker 3: Believe that that is going to be a very competitive

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Speaker 3: offering individually but specifically as a portfolio.

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Speaker 2: Okay, Martin, we're going to have to leave it there.

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Speaker 2: Thank you so much for joining us today. That's never

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Speaker 2: not As Chief Scientificate Officer, Martin host Long