Novo Nordisk A/S (NVO): Business Model Canvas

In der dynamischen Landschaft des globalen Gesundheitswesens entwickelt sich Novo Nordisk A/S zu einem pharmazeutischen Giganten, der wegweisende Lösungen für Diabetes und Stoffwechselstörungen entwickelt. Mit einem strategischen Geschäftsmodell, das modernste wissenschaftliche Innovation, umfassende Patientenversorgung und globale Marktdurchdringung vereint, hat dieser dänische Pharmariese die Art und Weise, wie wir chronische Stoffwechselerkrankungen angehen, revolutioniert. Von fortschrittlichen Insulintechnologien bis hin zu bahnbrechenden Behandlungen gegen Fettleibigkeit offenbart Novo Nordisks komplexes Geschäftsmodell ein komplexes Ökosystem aus wissenschaftlicher Exzellenz, patientenzentrierten Ansätzen und strategischen globalen Partnerschaften, die das Unternehmen an die Spitze der medizinischen Innovation bringen.

Novo Nordisk A/S (NVO) – Geschäftsmodell: Wichtige Partnerschaften

Pharmazeutische Forschungseinrichtungen und Universitäten

Novo Nordisk arbeitet weltweit mit mehreren Forschungseinrichtungen zusammen:

Partnerinstitution	Forschungsschwerpunkt	Wert der Zusammenarbeit
Harvard Medical School	Diabetesforschung	Jährliche Forschungsförderung in Höhe von 12,5 Millionen US-Dollar
Universität Kopenhagen	Stoffwechselstörungen	Kooperationsstipendium in Höhe von 8,3 Millionen US-Dollar
Stanford-Universität	Behandlung von Fettleibigkeit	Forschungspartnerschaft im Wert von 9,7 Millionen US-Dollar

Auftragsfertigungsorganisationen

Zu den wichtigsten Fertigungspartnerschaften gehören:

• Lonza Group AG: Herstellung von Insulinprodukten
• Patheon Pharmaceuticals: Biopharmazeutische Produktion
• Samsung Biologics: Peptid- und Proteinherstellung

Gesundheitsdienstleister und medizinisches Fachpersonal

Partnertyp	Anzahl der Partnerschaften	Jährliches Engagement
Globale Krankenhausnetzwerke	287 Gesundheitssysteme	Partnerschaftswert: 456 Millionen US-Dollar
Berufsärztliche Vereinigungen	42 internationale Verbände	78 Millionen US-Dollar Gemeinschaftsbudget

Diabetes-Technologie- und digitale Gesundheitsunternehmen

• Dexcom: Integration der kontinuierlichen Glukoseüberwachung
• Medtronic: Zusammenarbeit im Bereich der Insulinpumpentechnologie
• Teladoc Health: Digitale Diabetes-Management-Plattform

Globale Vertriebs- und Logistikpartner

Logistikpartner	Geografische Abdeckung	Jährliches Vertriebsvolumen
DHL-Lieferkette	47 Länder	2,3 Millionen Arzneimittelsendungen
FedEx Healthcare Logistics	38 Länder	1,8 Millionen temperaturgeführte Sendungen
UPS Healthcare Logistics	52 Länder	2,1 Millionen spezialisierte medizinische Sendungen

Novo Nordisk A/S (NVO) – Geschäftsmodell: Hauptaktivitäten

Pharmazeutische Forschung und Entwicklung

Novo Nordisk investierte im Jahr 2022 17,3 Milliarden DKK in Forschung und Entwicklung. Die Belegschaft im Bereich Forschung und Entwicklung umfasst 6.900 Mitarbeiter, die sich der Innovation widmen.

F&E-Schwerpunktbereiche	Jährliche Investition
Diabetesversorgung	8,5 Milliarden DKK
Behandlung von Fettleibigkeit	4,2 Milliarden DKK
Forschung zu seltenen Krankheiten	2,6 Milliarden DKK

Herstellung von Diabetes-Pflegeprodukten

Globale Produktionsstätten in 9 Ländern. Produktionskapazität von 1 Milliarde Insulinpens pro Jahr.

• 5 spezielle Produktionsstandorte für Insulin
• 3 globale Abfüll- und Verpackungszentren
• Jährliches Produktionsvolumen: 500 Millionen Insulingeräte

Klinische Studien und Arzneimitteltests

Führte im Jahr 2022 142 klinische Studien in mehreren Therapiebereichen durch.

Testkategorie	Anzahl der Versuche
Diabetes-Studien	87
Adipositas-Studien	35
Studien zu seltenen Krankheiten	20

Globale Marketing- und Vertriebsstrategien

Operative Präsenz in 80 Ländern. Der Umsatz erreichte im Jahr 2022 192,2 Milliarden DKK.

• Marketingteams in 50 Ländern
• Vertriebsmitarbeiter: 18.500 weltweit
• Marktdurchdringung in 170 Ländern

Kontinuierliche Innovation bei der Behandlung von Stoffwechselerkrankungen

Im Jahr 2022 wurden vier neue Produktinnovationen zur Behandlung von Stoffwechselerkrankungen eingeführt.

Innovationsbereich	Neue Produkte
Fortgeschrittene Insulintherapien	2
GLP-1-Rezeptoragonisten	1
Adipositas-Management	1

Novo Nordisk A/S (NVO) – Geschäftsmodell: Schlüsselressourcen

Fortgeschrittene biotechnologische Forschungseinrichtungen

Novo Nordisk betreibt fünf primäre globale Forschungszentren mit Sitz in:

• Dänemark (Måløv)
• Vereinigte Staaten (Seattle)
• China (Peking)
• Vereinigte Staaten (San Francisco)
• Deutschland (Mainz)

Forschungseinrichtung	Gesamtinvestition (2023)	Forschungsmitarbeiter
Måløv, Dänemark	387 Millionen Dollar	1.245 Forscher
Seattle, USA	276 Millionen Dollar	892 Forscher
Peking, China	213 Millionen Dollar	564 Forscher

Geistiges Eigentum und pharmazeutische Patente

Novo Nordisk hält 1.387 aktive Arzneimittelpatente weltweit ab 2024, mit Hauptschwerpunkten:

• Technologien zur Diabetesbehandlung
• Lösungen für das Adipositas-Management
• Hämophilie-Therapien

Hochqualifizierte wissenschaftliche und medizinische Arbeitskräfte

Mitarbeiterkategorie	Gesamtzahl	Fortgeschrittene Abschlüsse (%)
Forschungswissenschaftler	3,678	82%
Medizinische Fachkräfte	2,345	91%
Klinische Forscher	1,456	76%

Umfangreiches globales Vertriebsnetz

Die Vertriebsinfrastruktur umfasst:

• 180 Länder
• 24 Produktionsstätten
• 6 kontinentale Vertriebszentren

Erhebliches Finanzkapital für F&E-Investitionen

Finanzkennzahl	Wert 2023
Gesamtausgaben für Forschung und Entwicklung	3,2 Milliarden US-Dollar
Jährliche Kapitalinvestition	1,7 Milliarden US-Dollar
Forschungspipeline-Investitionen	892 Millionen US-Dollar

Novo Nordisk A/S (NVO) – Geschäftsmodell: Wertversprechen

Innovative Lösungen zur Behandlung von Diabetes und Fettleibigkeit

Novo Nordisk erwirtschaftet einen Jahresumsatz von 28,4 Milliarden US-Dollar (2023), davon 52 % mit Diabetes-Pflegeprodukten. Semaglutide (Wegovy/Ozempic) generierte im Jahr 2023 13,3 Milliarden US-Dollar, was einem Wachstum von 53 % im Markt für die Behandlung von Fettleibigkeit und Diabetes entspricht.

Produktkategorie	Umsatz 2023	Marktanteil
Diabetes-Behandlungen	14,9 Milliarden US-Dollar	42%
Lösungen gegen Fettleibigkeit	13,3 Milliarden US-Dollar	37%
Andere Stoffwechselbehandlungen	4,2 Milliarden US-Dollar	12%

Hochwertige, zuverlässige pharmazeutische Produkte

Novo Nordisk behauptet 99,7 % Einhaltung der Produktqualität in globalen Produktionsstätten.

• ISO 9001:2015 zertifizierte Herstellungsprozesse
• Von der FDA und der EMA genehmigte Produktionsstandards
• Globale pharmazeutische Qualitätsbewertung: 9,8/10

Fortschrittliche Insulinabgabetechnologien

Der Markt für Insulinverabreichungstechnologie wird auf 25,6 Milliarden US-Dollar geschätzt, wobei Novo Nordisk einen Marktanteil von 48 % kontrolliert.

Liefertechnologie	Marktdurchdringung	Jährlicher Verkauf
FlexTouch Insulinpens	37%	5,2 Milliarden US-Dollar
Angeschlossene Insulingeräte	22%	3,1 Milliarden US-Dollar

Umfassende Patientenunterstützungsprogramme

Novo Nordisk investiert jährlich 672 Millionen US-Dollar in Initiativen zur Patientenunterstützung und versorgt damit weltweit 35 Millionen Patienten.

• Digitale Gesundheitscoaching-Plattformen
• Finanzielle Hilfsprogramme
• Personalisiertes Behandlungsmanagement

Modernste medizinische Forschung zu Stoffwechselstörungen

F&E-Investitionen von 3,8 Milliarden US-Dollar im Jahr 2023, was 14,2 % des Gesamtumsatzes entspricht.

Forschungsschwerpunkt	Jährliche Investition	Aktive klinische Studien
Diabetesforschung	1,9 Milliarden US-Dollar	42
Adipositasforschung	1,1 Milliarden US-Dollar	28
Stoffwechselstörungen	800 Millionen Dollar	19

Novo Nordisk A/S (NVO) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Patientenunterstützungsdienste

Novo Nordisk bietet personalisierte Patientenunterstützung durch spezielle Programme:

• Einschreibung in das Patientenunterstützungsprogramm: 1,2 Millionen Patienten weltweit im Jahr 2023
• Digitale Patientenunterstützungsplattformen für 38 Länder
• Durchschnittliche Dauer der Patienteneinbindung: 18 Monate pro Patient

Support-Servicetyp	Anzahl der behandelten Patienten	Geografische Abdeckung
Unterstützung für Diabetespatienten	780.000 Patienten	25 Länder
Adipositas-Management-Programm	320.000 Patienten	18 Länder
Hämophilie-Pflegeprogramm	100.000 Patienten	12 Länder

Digitale Gesundheitsmanagementplattformen

Kennzahlen zum digitalen Engagement für 2023:

• Benutzer mobiler Anwendungen: 670.000
• Telemedizinische Konsultationen: 215.000
• Nutzer digitaler Gesundheitsüberwachung: 520.000

Kontinuierliche medizinische Ausbildung für medizinisches Fachpersonal

Statistiken zu Berufsbildungsprogrammen:

• Durchgeführte Schulungen: 4.200
• Ausgebildete Gesundheitsfachkräfte: 89.000
• Online-Schulungsmodule: 72 Spezialkurse

Programme zur Patientenunterstützung und zum Zugang zu Medikamenten

Programmkategorie	Finanzielle Unterstützung	Patienten unterstützt
Finanzielle Unterstützung	124 Millionen Dollar	156.000 Patienten
Rabattprogramme für Medikamente	87 Millionen Dollar	210.000 Patienten

Regelmäßiges Engagement über digitale und physische Kanäle

Aufschlüsselung der Interaktionskanäle für 2023:

• Digitale Touchpoints: 3,2 Millionen Interaktionen
• Interaktionen in der Klinik: 1,8 Millionen
• Kundendienst-Callcenter-Aufkommen: 940.000 Anrufe

Engagement-Kanal	Interaktionshäufigkeit	Durchschnittliche Dauer
Mobile Anwendung	2,4 Interaktionen/Monat	12 Minuten
Online-Support-Portal	1,7 Interaktionen/Monat	8 Minuten
Direkte medizinische Fachberatung	0,6 Interaktionen/Monat	45 Minuten

Novo Nordisk A/S (NVO) – Geschäftsmodell: Kanäle

Direktverkauf an Gesundheitsdienstleister

Im Jahr 2023 setzte Novo Nordisk weltweit 6.700 Vertriebsmitarbeiter ein, die sich gezielt an medizinisches Fachpersonal richteten. Der Direktverkaufsumsatz erreichte 24,3 Milliarden US-Dollar, was 79,2 % des gesamten Arzneimittelumsatzes entspricht.

Vertriebskanaltyp	Anzahl der Vertreter	Zielspezialitäten
Vertriebsteam von Diabetes Care	3,450	Endokrinologen, Hausärzte
Vertriebsteam für die Behandlung von Adipositas	1,850	Adipositas-Spezialisten, bariatrische Chirurgen
Vertriebsteam für seltene Krankheiten	1,400	Hämophilie-Spezialisten, Ärzte für genetische Störungen

Pharmazeutische Großhändler und Distributoren

Novo Nordisk arbeitet mit 127 Pharmahändlern in 80 Ländern zusammen. Der Großhandelskanal steuerte im Jahr 2023 5,7 Milliarden US-Dollar bei.

• McKesson Corporation: Hauptvertriebshändler in den USA
• AmerisourceBergen: Wichtiger nordamerikanischer Vertriebspartner
• Phoenix Group: Wichtiges europäisches Vertriebsnetz

Online-Medizinplattformen

Der Umsatz mit digitalen Plattformen erreichte im Jahr 2023 1,2 Milliarden US-Dollar, was 3,9 % des gesamten Pharmaumsatzes entspricht.

Plattform	Benutzerbasis	Digitales Verkaufsvolumen
Novo Connect	52.000 medizinische Fachkräfte	480 Millionen Dollar
Digitales Rezeptportal	38.000 registrierte Ärzte	340 Millionen Dollar
Patientenmanagementsysteme	26.000 Kliniken	380 Millionen Dollar

Medizinische Konferenzen und Symposien

Novo Nordisk nahm im Jahr 2023 an 214 internationalen medizinischen Konferenzen teil und investierte 87,5 Millionen US-Dollar in die direkte Teilnahme an Konferenzen.

Digitale Marketing- und Telemedizinkanäle

Die Ausgaben für digitales Marketing beliefen sich im Jahr 2023 auf insgesamt 412 Millionen US-Dollar, wobei Telemedizin-Partnerschaften 22.000 Gesundheitsdienstleister erreichten.

Segment für digitales Marketing	Investition	Reichweite
Social-Media-Kampagnen	124 Millionen Dollar	3,6 Millionen medizinisches Fachpersonal
Gezielte Online-Werbung	168 Millionen Dollar	2,9 Millionen potenzielle Patienten
Telemedizin-Partnerschaften	120 Millionen Dollar	22.000 Gesundheitsdienstleister

Novo Nordisk A/S (NVO) – Geschäftsmodell: Kundensegmente

Diabetespatienten weltweit

Im Jahr 2024 versorgt Novo Nordisk weltweit etwa 537 Millionen Erwachsene mit Diabetes. Die Aufschlüsselung der Diabetes-Patientensegmente des Unternehmens umfasst:

Region	Diabetes-Patienten	Marktanteil
Nordamerika	37,3 Millionen	34.5%
Europa	59,6 Millionen	28.3%
Asien-Pazifik	206,5 Millionen	22.7%
Rest der Welt	233,6 Millionen	14.5%

Fachkräfte im Gesundheitswesen

Novo Nordisk arbeitet mit rund 1,2 Millionen medizinischen Fachkräften weltweit zusammen:

• Endokrinologen: 185.000
• Hausärzte: 620.000
• Diabetes-Spezialisten: 395.000

Versicherungsanbieter

Das Unternehmen arbeitet mit 742 Versicherungsanbietern in 58 Ländern zusammen und deckt Folgendes ab:

• Private Krankenversicherung: 476 Anbieter
• Nationale Gesundheitssysteme: 266 Anbieter

Staatliche Gesundheitssysteme

Novo Nordisk hat Verträge mit 94 staatlichen Gesundheitssystemen weltweit und vertritt:

Region	Staatliche Gesundheitssysteme
Europa	42 Systeme
Nordamerika	23 Systeme
Asien-Pazifik	18 Systeme
Rest der Welt	11 Systeme

Patienten mit Fettleibigkeit und Stoffwechselstörungen

Novo Nordisk richtet sich weltweit an rund 764 Millionen Menschen mit Fettleibigkeit und Stoffwechselstörungen:

Zustand	Globale Patientenpopulation
Fettleibigkeit	650 Millionen
Stoffwechselstörungen	114 Millionen

Novo Nordisk A/S (NVO) – Geschäftsmodell: Kostenstruktur

Hohe Investitionskosten für Forschung und Entwicklung

Im Jahr 2023 investierte Novo Nordisk 14,5 % des Umsatzes in Forschung und Entwicklung, insgesamt 54,4 Milliarden dänische Kronen (ca. 7,9 Milliarden US-Dollar).

Jahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	54,4 Milliarden DKK	14.5%
2022	48,1 Milliarden DKK	14.2%

Herstellungs- und Produktionskosten

Die gesamten Produktionskosten beliefen sich im Jahr 2023 auf 25,3 Milliarden Dänische Kronen, was etwa 6,7 % des Gesamtumsatzes entspricht.

• Insulinproduktionsanlagen: 7 globale Produktionsstandorte
• Durchschnittliche Produktionskosten pro Behandlung: 12-15 USD
• Jährliche Produktionskapazität: 1,2 Milliarden Insulinpens

Globale Marketing- und Vertriebsausgaben

Die Marketing- und Vertriebskosten beliefen sich im Jahr 2023 auf 63,2 Milliarden Dänische Kronen, was 16,8 % des Gesamtumsatzes entspricht.

Region	Marketingausgaben	Prozentsatz des globalen Marketingbudgets
Nordamerika	38,5 Milliarden DKK	61%
Europa	15,7 Milliarden DKK	25%
Rest der Welt	9 Milliarden DKK	14%

Einhaltung gesetzlicher Vorschriften und Investitionen in klinische Studien

Die Ausgaben für klinische Studien beliefen sich im Jahr 2023 auf etwa 22,6 Milliarden Dänische Kronen, was 6 % des Gesamtumsatzes entspricht.

• Anzahl laufender klinischer Studien: 375
• Durchschnittliche Kosten pro klinischer Studie: 60–80 Millionen USD
• Budget für die Einhaltung gesetzlicher Vorschriften: 3,2 Milliarden dänische Kronen

Aufrechterhaltung des geistigen Eigentums

Die Ausgaben für geistiges Eigentum und Patente beliefen sich im Jahr 2023 auf insgesamt 4,5 Milliarden Dänische Kronen.

IP-Kategorie	Ausgaben	Anzahl aktiver Patente
Patentanmeldung	2,1 Milliarden DKK	1,250
Patentpflege	1,6 Milliarden DKK	850
Rechtsschutz	0,8 Milliarden DKK	N/A

Novo Nordisk A/S (NVO) – Geschäftsmodell: Einnahmequellen

Verkauf verschreibungspflichtiger Diabetesmedikamente

Im Jahr 2023 erwirtschaftete das Diabetes-Care-Segment von Novo Nordisk einen Umsatz von 192,7 Milliarden dänischen Kronen (28,4 Milliarden US-Dollar).

Produktkategorie	Umsatz 2023 (Milliarden DKK)
Insulinprodukte	76.3
GLP-1-Diabetes-Medikamente	116.4

Umsatz mit Produkten zur Behandlung von Fettleibigkeit

Produkte zur Behandlung von Fettleibigkeit, insbesondere Wegovy und Ozempic, generierten im Jahr 2023 89,4 Milliarden dänische Kronen.

• Wegovy-Umsatz: 52,6 Milliarden DKK
• Ozempic-Umsatz: 36,8 Milliarden DKK

Verkauf von Insulinverabreichungsgeräten

Der Geräteumsatz von Novo Nordisk erreichte im Jahr 2023 15,2 Milliarden dänische Kronen.

Art des Liefergeräts	Umsatz 2023 (Millionen DKK)
NovoPen-Geräte	8,700
Angeschlossene Insulingeräte	6,500

Lizenzierung pharmazeutischer Technologien

Die Lizenzeinnahmen beliefen sich im Jahr 2023 auf 3,6 Milliarden Dänische Kronen.

Globale Marktexpansion

Regionale Umsatzaufschlüsselung für 2023:

Region	Umsatz (Milliarden DKK)	Prozentsatz der Gesamtsumme
Nordamerika	148.6	47%
Europa	82.3	26%
Internationale Märkte	84.1	27%

Novo Nordisk A/S (NVO) - Canvas Business Model: Value Propositions

You're looking at the core promises Novo Nordisk A/S is making to its customers as of late 2025. These aren't just marketing slogans; they are backed by significant financial performance and clinical milestones.

The primary value proposition centers on delivering highly effective, life-changing treatments for serious chronic diseases, particularly obesity and Type 2 Diabetes (T2D). The financial results for the first nine months of 2025 show this clearly: Diabetes and Obesity care sales reached DKK 215.7 billion, marking a 12% increase in Danish kroner (DKK) or 15% at constant exchange rates (CER). Within that segment, obesity care sales were a major driver, surging 37% in DKK to DKK 59.9 billion, which is a 41% increase at CER. To put that reach into perspective, as of the first half of 2025, Novo Nordisk provided medical treatment to 42.8 million people living with diabetes and 2.9 million people living with obesity.

The value is also being expanded through expanding indications for established molecules. The US Food and Drug Administration (FDA) approved Wegovy for the treatment of metabolic dysfunction-associated steatohepatitis (MASH). Furthermore, clinical data supports significant health benefits beyond weight loss. In the STEER real-world study, comparing Wegovy to tirzepatide in people with overweight/obesity and established cardiovascular disease (CVD), Wegovy showed a 57% greater risk reduction for heart attack, stroke, or death from any cause for those on treatment without gaps longer than 30 days. Even when looking at all treated people regardless of gaps, Wegovy users saw a 29% risk reduction compared to tirzepatide users. This builds on the SELECT trial, which showed Wegovy was associated with a 20% risk reduction of cardiovascular events.

Convenience is a key differentiator, moving beyond the once-weekly injectable format. Novo Nordisk is pushing for the future oral formulations. Specifically, the company submitted its first-in-class amylin monotherapy, cagrilintide, for Phase 3 development, and the oral semaglutide for weight management saw an FDA submission in May 2025, with a potential US launch targeted for late 2025 or early 2026.

Addressing affordability and access is a stated commitment, especially in the US market where compounded alternatives posed a challenge. Novo Nordisk launched NovoCare Pharmacy in March 2025 to counter this. As of the data reported, prescriptions via NovoCare Pharmacy and its TeleHealth collaborations accounted for approximately 11,000 total weekly Wegovy prescriptions, supplementing the around 20,000 weekly prescriptions in the retail cash channel. Separately, the Patient Assistance Program (PAP) offers medication at no cost to eligible US citizens or legal residents whose total household income is at or below 400% of the federal poverty level (FPL) and who are uninsured or have Medicare.

The focus on continuous innovation in rare diseases provides a diversified value stream. For the first nine months of 2025, Rare disease sales increased by 10% in DKK, representing a 13% growth at CER. Key pipeline advancements include making regulatory submissions for the hemophilia therapy Mim8 in both the EU and the US. Furthermore, Alhemo, for hemophilia A and B, is approved in the US for patients with or without inhibitors, and is under EU review for patients without inhibitors.

Here is a look at the segment performance driving these value propositions through the first three quarters of 2025:

Therapy Area	Sales (DKK, First 9 Months 2025)	Year-over-Year Growth (CER)
Diabetes and Obesity Care Total	DKK 215.7 billion	15%
Obesity Care (Component of Total)	DKK 59.9 billion	41%
GLP-1 Diabetes Care (Component of Total)	Not explicitly separated from total Diabetes Care sales	10%
Rare Disease (Total)	Not explicitly stated as a total figure, but sales grew	13%

You should track the adoption rate of NovoCare Pharmacy versus the retail cash channel to gauge the success of the direct-to-patient strategy against compounded competition. Finance: draft 13-week cash view by Friday.

Novo Nordisk A/S (NVO) - Canvas Business Model: Customer Relationships

You're looking at how Novo Nordisk A/S manages its connections with the diverse groups it serves-from the doctors writing prescriptions to the patients taking the medication. It's a complex web, especially given the massive demand for their GLP-1 therapies.

Dedicated sales force and Medical Science Liaisons (MSLs) for HCP education

Novo Nordisk A/S relies on direct engagement with healthcare professionals (HCPs) to drive adoption and ensure appropriate use of their specialized therapies. While specific, current headcounts for the dedicated sales force aren't public, the company's operational adjustments suggest a shift in this area; in September 2025, Novo Nordisk announced a global workforce reduction of 9,000 people, which is approximately 9% of its total workforce, indicating a restructuring that likely impacts field teams supporting HCP education. The MSL function remains critical for providing in-depth, scientific exchange beyond the sales interaction, focusing on complex data related to diabetes, obesity, and rare diseases.

Patient support programs and digital health tools for adherence

For patients, adherence is everything, especially with chronic condition treatments. Novo Nordisk A/S supports this through structured programs. The Novo Nordisk Patient Assistance Program (PAP) provides medication at no cost to eligible individuals living with diabetes. Eligibility requirements for the PAP include being a US citizen or legal resident, having a household income at or below 400% of the federal poverty level (FPL), and having Medicare or no insurance; patients with private or commercial insurance are not eligible for the PAP. The company's broader impact shows they served more than 45.2 million people living with serious chronic diseases in 2024, with 43.0 million receiving diabetes and obesity care treatment. Also, as part of their stated progress toward 2025 goals, they reached more than 64,000 children in the Changing Diabetes® in Children programme. Digital tools are integrated, though specific adherence metrics tied to these tools aren't detailed publicly.

Direct-to-consumer (DTC) marketing and patient-facing platforms like NovoCare

The company uses patient-facing platforms to manage access and cost concerns directly. Novo Nordisk A/S established a pharmacy called NovoCare, which, at one point, charged customers $499 per month for access to certain drugs, positioned as less than half the cost through other distribution networks. NovoCare also serves as the hub for the PAP mentioned above, streamlining access through coverage checks and savings offers across therapy areas like Diabetes, Obesity, MASH, and Hemophilia. This direct channel helps manage the patient journey when navigating complex insurance landscapes.

High-stakes negotiation and long-term contracts with Pharmacy Benefit Managers (PBMs)

This is where the rubber meets the road in the US market. Novo Nordisk A/S engages in intense negotiations with the 'Big 3' PBMs-Cigna's Express Scripts, UnitedHealth Group's Optum Rx, and CVS Health's Caremark. In late 2024, the CEO committed to working with these PBMs on list price reductions. However, past experience shows the risk: a 65% list price reduction on Levemir resulted in its coverage dropping from 90% of insurance schemes to only about 35%. More recently, in November 2025, Novo Nordisk A/S agreed with the U.S. Administration to lower prices for semaglutide medicines in Medicare Part D and Medicaid starting in 2026, including a pilot program for obesity medicines in Medicare Part D beginning in 2026. This agreement is projected to have a direct, negative low single-digit impact on global sales growth in 2026. Furthermore, under a November MFN deal, Novo Nordisk A/S agreed to offer Medicare prices for Ozempic and Wegovy of $245.

The relationship with payers is a constant balancing act between list price, rebates, and formulary access. Here's a snapshot of the scale and recent financial context influencing these relationships:

Metric Category	Data Point	Value/Amount	Context Year/Period
Patient Reach (Total)	People reached with Diabetes and Obesity care products	43.0 million	As of Strategic Aspirations 2025 progress (reported 2024)
Patient Support	Household Income Limit for PAP Eligibility (US)	At or below 400% of FPL	2025 Eligibility Requirement
Cost Management (DTC/Cash)	NovoCare Monthly Access Cost (Example)	$499	Historical/Example Pricing
PBM Negotiation Impact	Levemir Coverage Drop Post-Price Cut	From 90% to approx. 35% of schemes	Historical Data
PBM Negotiation Impact (Medicare)	Agreed Medicare Price for Ozempic/Wegovy (MFN)	$245	November 2025 Agreement
Financial Impact (Forecast)	Expected Negative Impact on 2026 Global Sales Growth from US Agreement	Negative low single-digit impact	Forecasted for 2026
Sales Context (Obesity Care)	Obesity Care Sales (Kroner)	DKK59.9 billion	First nine months of 2025

Building patient trust through advocacy and disease awareness campaigns

Trust is built on consistent delivery and visible commitment to the patient community beyond the pill itself. Novo Nordisk A/S emphasizes its long-standing commitment to people living with diabetes and obesity, which is foundational to the PAP. Their advocacy efforts are often channeled through disease awareness, such as the Changing Diabetes® in Children programme, which reached over 64,000 children as part of their 2025 aspirations. Furthermore, the company is actively warning consumers about counterfeit products, such as the warning issued in December 2025 regarding counterfeit Ozempic® (semaglutide) injection 1 mg in the US, which directly addresses patient safety and trust.

You should review the impact of the 9,000 person workforce reduction announced in September 2025 against the planned field force deployment for 2026. Finance: draft 13-week cash view by Friday.

Novo Nordisk A/S (NVO) - Canvas Business Model: Channels

You're looking at how Novo Nordisk A/S gets its medicines, from the factory floor to the patient's hand, as of late 2025. It's a complex web, balancing massive global scale with targeted patient access programs.

Global network of pharmaceutical wholesalers and distributors

Novo Nordisk A/S relies heavily on established third-party logistics to move its high-demand products globally. The security of supply is a key metric here, supported by strategically placed infrastructure.

For instance, the U.S. distribution network in 2024 was anchored by 3 major wholesalers, which collectively contributed approximately 23%, 17%, and 17% of total global net sales for that year. To maintain supply chain resilience, Novo Nordisk Pharmaceuticals operates two main warehouse locations serving its global client base: one in Plainfield, Indiana, US, and another near Copenhagen, Denmark. In the US, the Indiana center, utilizing MD Logistics (MDL) as a third-party logistic provider, aims to deliver desired products within seven days or less virtually anywhere in the United States.

Retail and specialty pharmacies (the defintely most common channel)

This segment, encompassing retail and specialty pharmacies, is where the vast majority of prescriptions are ultimately filled. The strength in this channel is reflected in market share data, though specific revenue splits are often bundled into broader geographic reporting.

As of the first nine months of 2025, Novo Nordisk A/S maintained a volume market share of 29.4% of the total US insulin market, indicating significant presence through these dispensing points. The company's overall sales and distribution costs were reported at 20.9% as a percentage of sales for the first six months of 2025. Furthermore, the sales increase in US Operations during the first nine months of 2025 was positively impacted by a positive channel and payer mix, suggesting favorable placement within pharmacy networks.

Here is a look at the financial context surrounding the distribution costs and sales growth across major operational areas for the first nine months of 2025:

Metric	Value (DKK)	Growth (CER)
Total Sales (9M 2025)	DKK 215.7 billion (Diabetes and Obesity care)	15%
Obesity Care Sales (9M 2025)	DKK 59.9 billion	41%
US Operations Sales Growth (9M 2025)	N/A	15%
International Operations Sales Growth (9M 2025)	N/A	13%
Sales and Distribution Costs (H1 2025)	20.9% of Sales	N/A

Direct-to-consumer channel via the NovoCare platform for certain products

Novo Nordisk A/S has actively pursued direct patient engagement channels to manage access and cost, particularly for its high-profile obesity and diabetes treatments. This is a direct response to market pressures and the need to secure formulary access.

The company continues to invest in direct-to-patient initiatives such as the NovoCare® Pharmacy and collaborations with telehealth organizations. In a move to expand access and counter compounded alternatives, Novo Nordisk announced a strategic reset in 2025 that included cutting out-of-pocket prices for Ozempic and Wegovy to $199 for starter doses and $349 monthly. Historically, the NovoCare platform was established to charge customers $499 per month for access to a drug, which was less than half the cost through other pharmaceutical distribution networks.

Direct sales to hospitals and integrated healthcare systems

While the majority of sales flow through the wholesale/pharmacy route, specialized products and large-volume contracts with major healthcare providers are managed directly. This channel is crucial for products outside the core diabetes/obesity portfolio, such as those for rare diseases, and for securing large-scale institutional adoption.

The Rare Disease segment, which often involves more specialized hospital administration, saw sales increase by 10% in Danish kroner (13% at CER) in the first nine months of 2025. The company also works within the insured channel, engaging in commercial initiatives and awaiting regulatory decisions, such as the one for the Wegovy® MASH indication during the third quarter of 2025.

Digital channels for patient education and HCP engagement

Digital outreach supports the physical distribution network by driving awareness, education, and adherence. This is less about direct sales and more about market shaping and patient support.

The company's R&D progress is communicated digitally, such as the initiation of the REDEFINE 11 trial for CagriSema and the submission of semaglutide 7.2 mg for regulatory review in the EU during the first quarter of 2025. Furthermore, the company's global presence is supported by a workforce of approximately 78,400 people across 80 countries as of mid-2025, all of whom engage digitally to support the marketing and distribution of products in around 170 countries.

Finance: draft 13-week cash view by Friday.

Novo Nordisk A/S (NVO) - Canvas Business Model: Customer Segments

You're looking at the core groups Novo Nordisk A/S (NVO) serves, which are heavily concentrated in chronic disease management, especially as of late 2025. The sheer scale of the patient base is what drives the financial performance you see in the latest reports.

The primary focus is on individuals managing serious, long-term conditions. In the first half of 2025, Novo Nordisk expanded its patient reach to over 45 million people, adding more than 3 million new patients compared to the prior year, showing the massive demand for their portfolio. Back in 2024, the company reported serving more than 45.2 million people living with these chronic diseases.

People with Type 2 Diabetes (T2D) globally

This segment remains foundational. In 2024, the company provided medical treatment to 43.0 million people living with diabetes. Financially, the Diabetes Care sales for 2024 hit DKK 206,618 million. Even with the massive growth in obesity care, GLP-1 sales in diabetes still saw a 10% increase in the first six months of 2025. You can see the market dynamics clearly in the segment performance:

Metric	2024 Figure	H1 2025 Figure
Diabetes Patients Reached (Millions)	43.0	(Part of 45.8 total patients reached)
Diabetes Care Sales (DKK Billion)	206.7	(Part of DKK 271.8B Diabetes & Obesity Care Sales in 2024)
Global GLP-1 Volume Market Share	63%	(Market share in 2024)

People with Obesity (BMI >30 or >27 with co-morbidities)

This is the explosive growth area. Novo Nordisk provided medical treatment to 2.2 million people living with obesity in 2024, which jumped to 2.9 million in the first half of 2025. The financial impact is stark; obesity care sales surged 58% at constant exchange rates globally in H1 2025. For the first nine months of 2025, obesity care sales specifically rose 37% in Danish kroner. Honestly, the market share in branded obesity is dominant:

• Volume market share in branded obesity (2024): 70.4%.
• Obesity care sales (H1 2025, CER): DKK 38.8 billion.
• Total US obesity market value (August 2025): DKK 262.2 billion.
• Novo Nordisk value share of that market (August 2025): DKK 118.1 billion.

Healthcare Providers (HCPs), including endocrinologists and primary care

While not direct end-consumers, HCPs are critical channel partners. Novo Nordisk maintains business-to-business relationships with them for product distribution and integration into care pathways. The company is actively engaging them with new data, presenting 29 abstracts at the American Diabetes Association (ADA) 85th Scientific Sessions in June 2025, covering cardiovascular and kidney benefits of semaglutide for T2D patients.

Health insurance payers and government health systems (e.g., Medicare, NHS)

Payers control access, which is a major lever for volume. In the US, for instance, Wegovy® achieved approximately 10% cash channel penetration of Total Prescriptions (TRx) since January 2025 via initiatives like the NovoCare Pharmacy. Furthermore, the Center for Medicare and Medicaid Services (CMS) started allowing reimbursement in Medicare Part D for Anti-Obesity Medications (AOMs) that carry a Cardiovascular disease (CV) indication in early 2025. You should note that reimbursement for AOMs for obesity alone remains prohibited by law.

Patients with Rare Blood Disorders (e.g., Hemophilia A)

This is a niche but high-value segment managed by the RareD unit. Rare blood disorders sales increased by 6% in US Operations during H1 2025. Overall, the Rare Disease division saw sales growth of 15% at CER in H1 2025. The total addressable pool for Novo Nordisk's RareD focus is estimated at 20 million people globally. For context on the underlying condition, Hemophilia A affects an estimated 1.1 million people worldwide.

• Rare Disease Sales (2024): DKK 18.639 billion.
• Rare Blood Disorders Sales Growth (H1 2025): 6% (US Operations).
• Rare Disease Sales Growth (H1 2025, CER): 15%.

Finance: review the Q3 2025 impact of the DKK 9 billion in restructuring costs on the payer segment's net revenue realization by next Tuesday.

Novo Nordisk A/S (NVO) - Canvas Business Model: Cost Structure

You're looking at the cost side of Novo Nordisk A/S (NVO) as of late 2025, and honestly, the numbers show a company aggressively spending to secure its future dominance in obesity and diabetes care, even while trimming fat elsewhere. The cost structure is defined by massive investment in capacity, high innovation spending, and significant one-time charges from a major overhaul.

Manufacturing Expansion and Capital Expenditure

Novo Nordisk A/S (NVO) is pouring capital into manufacturing expansion to meet the seemingly endless demand for its GLP-1 franchise. The company guided for capital expenditure to be around DKK 65 billion in 2025. This reflects a massive commitment, as reports indicate Novo Nordisk plans to spend about $9 billion in 2025 to create additional capacity. This investment is earmarked for doubling U.S. production and major expansions across Denmark, France, China, and Brazil. For context, the latest twelve months capital expenditures peaked at DKK 9.092 billion (this figure may represent a quarterly or partial-year spend depending on the source context, but it aligns with the scale of the reported $9 billion plan).

The key cost drivers related to production scaling include:

• Investment in new active pharmaceutical ingredient (API) facilities, with more than DKK 80 billion committed in recent years.
• Acquisition-related costs, such as the $11.7 billion price tag for the three Catalent manufacturing sites, which impacted 2024 free cash flow.
• Depreciation, amortisation, and impairment losses for 2025 are expected to total around DKK 17 billion, which includes charges related to the Catalent transaction.

Research & Development (R&D) Investment

Maintaining pipeline leadership requires serious, sustained R&D spending, though the company has recently pruned specific areas. For the first nine months of 2025, Research and Development costs increased by 9% to DKK 37.4 billion. On a trailing twelve-month basis ending September 30, 2025, R&D expenses were reported at $7.628B, representing a 17.39% year-over-year increase. However, this high spending is being strategically refocused; for instance, the company discontinued all cell therapy R&D, which involved laying off around 250 positions in that division. Some reports indicated a 23.8% reduction in R&D spending as part of broader 2025 cost-cutting initiatives, which suggests a shift in resource allocation rather than an outright reduction in total R&D commitment, given the reported increases elsewhere.

Selling, General, and Administrative (SG&A) Expenses

The commercial engine, particularly in the US, drives significant SG&A. For the twelve months ending September 30, 2025, Novo Nordisk A/S (NVO) SG&A Expenses reached $10.844B, marking a 13.43% increase year-over-year. This reflects heavy investment in market development for obesity care and GLP-1 diabetes products. Specifically, Sales and distribution costs for the first half of 2025 rose 15% to DKK 32.4 billion. The cost increase in US Operations is noted as being mainly driven by promotional activities related to Wegovy®.

One-off Restructuring Charges

A significant cost event in 2025 was the company-wide transformation designed to simplify operations, which included eliminating approximately 9,000 jobs globally. This overhaul resulted in substantial one-off charges. Novo Nordisk stated the overhaul resulted in one-off costs of about DKK 9 billion in 2025, which included DKK 5 billion in severance expenses and DKK 4 billion in asset impairments. These expenses were booked around the third quarter of 2025. The net impact for the year from this transformation was estimated to be around DKK 8 billion. This charge negatively impacted the full-year 2025 operating profit guidance by around DKK 8 billion at constant exchange rates.

Cost of Goods Sold (COGS)

The production of complex biologic drugs inherently carries a high COGS component, though efficiency gains have kept the gross margin high. For the first six months of 2025, the Cost of Goods Sold increased by 27% to DKK 25,736 million, resulting in a gross margin of 83.4%. This margin compares to 84.9% in the first six months of 2024. The decline in the gross margin was primarily attributed to amortisations and depreciations related to the Catalent acquisition and costs from ongoing capacity expansions, partially offset by a positive product mix from increased GLP-1 sales. For reference, the full-year 2024 gross margin was 84.7%.

Here's a quick look at the key cost components for the period:

Cost Category	Reported Amount (2025 Data)	Context/Period
Capital Expenditure Guidance	DKK 65 billion	Full Year 2025 Guidance
Manufacturing Expansion Spend	$9 billion	Planned 2025 Investment
Restructuring Charges (One-off)	DKK 9 billion	Incurred in Q3 2025
Net Restructuring Impact	DKK 8 billion	Estimated net one-off impact for 2025
SG&A Expenses (LTM)	$10.844B	Twelve Months ending September 30, 2025
R&D Costs	DKK 37.4 billion	First Nine Months of 2025
COGS	DKK 25,736 million	First Six Months of 2025

Finance: draft 13-week cash view by Friday.

Novo Nordisk A/S (NVO) - Canvas Business Model: Revenue Streams

You're looking at the core engine driving Novo Nordisk A/S's massive valuation, and honestly, it all comes down to a few key therapeutic areas. The revenue streams are heavily concentrated, which is both a strength and a near-term risk, especially given the competition we're seeing.

Primary revenue from Diabetes and Obesity Care, driven by GLP-1 agonists. This segment is the powerhouse. For the first six months of 2025, sales in Diabetes and Obesity care hit DKK 145.4 billion, representing a 16% increase in Danish kroner (or 18% at Constant Exchange Rates (CER)) over the prior year period. The real star here is Obesity care; that part of the business saw growth of 56% in Danish kroner, reaching DKK 38.8 billion for the first half of 2025, which translates to a 58% lift at CER. GLP-1 diabetes sales, primarily Ozempic, grew by 8% in Danish kroner (10% at CER) over the same period. The company's full-year 2025 sales growth outlook has been narrowed to a range of 8% to 14% at CER, reflecting lower growth expectations for the second half of the year, largely due to the US compounded GLP-1 situation.

The revenue mix is clearly shifting toward weight management. Here's a quick look at the segment performance based on the first half of 2025 results:

Revenue Stream Component	H1 2025 Sales (DKK Billion)	H1 2025 Growth (CER)
Total Sales	154.9	18%
Diabetes and Obesity Care	145.4	18%
Obesity Care (Sub-segment)	38.8	58%
GLP-1 Diabetes Sales (Sub-segment)	N/A	10%
Rare Disease Segment	N/A	15%

Revenue from the smaller Rare Disease segment (less than 10% of total sales). This division provides important diversification, though it's a small piece of the overall revenue pie. In 2024, Rare Disease sales were DKK 186.39 billion, which was about 6.4% of total revenue, confirming its smaller relative size. For the first six months of 2025, this segment showed solid momentum, with sales increasing by 14% in Danish kroner, or 15% at CER.

Sales of older insulin and biopharma products. While the focus is squarely on the GLP-1 agonists, the legacy insulin portfolio still contributes. Novo Nordisk has been taking steps to consolidate this portfolio by gradually phasing out some older products to free up manufacturing capacity. For context on the scale of these older products, here are the 2024 revenue figures, as 2025 specific breakdowns for these older lines aren't as readily available:

• Total Insulin Sales (2024): DKK 55.37 billion.
• Second-generation human insulin sales (2024): DKK 6.97 billion.
• Pre-mixed insulins (Ryzodeg and NovoMix) combined (2024): DKK 10.79 billion.
• Rapid-acting insulins (Fiasp and NovoRapid) collective sales (2024): DKK 18.52 billion.

Licensing and milestone payments from R&D collaborations. You see the financial impact of R&D partnerships pop up in the form of upfront payments and future milestone potential, which bolsters the non-product sales revenue. For instance, in March 2025, Novo Nordisk entered two significant deals:

• An exclusive license agreement for a GLP-1/GIP/glucagon triple receptor agonist, which includes an upfront payment of USD 200 million and potential milestone payments up to USD 1.8 billion.
• An exclusive license agreement with Lexicon Pharmaceuticals for an oral non-incretin candidate, where Lexicon is eligible for upfront and near-term milestones up to USD 75 million, with total potential reaching USD 1 billion.

Finance: draft Q3 2025 cash flow forecast incorporating expected milestone receipts by next Wednesday.