Novo Nordisk A/S (NVO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la atención médica global, Novo Nordisk A/S emerge como un titán farmacéutico, soluciones transformadoras pioneras para diabetes y trastornos metabólicos. Con un modelo de negocio estratégico que combina la innovación científica de vanguardia, la atención integral del paciente y la penetración del mercado global, este gigante farmacéutico danés ha revolucionado cómo abordamos las condiciones metabólicas crónicas. Desde tecnologías de insulina avanzadas hasta tratamientos de obesidad innovadores, el intrincado lienzo comercial de Novo Nordisk revela un complejo ecosistema de excelencia científica, enfoques centrados en el paciente y asociaciones globales estratégicas que posicionan a la compañía a la vanguardia de la innovación médica.

Novo Nordisk A/S (NVO) - Modelo de negocios: asociaciones clave

Instituciones y universidades de investigación farmacéutica

Novo Nordisk colabora con múltiples instituciones de investigación a nivel mundial:

Institución asociada	Enfoque de investigación	Valor de colaboración
Escuela de Medicina de Harvard	Investigación de diabetes	$ 12.5 millones de fondos de investigación anuales
Universidad de Copenhague	Trastornos metabólicos	Subvención colaborativa de $ 8.3 millones
Universidad de Stanford	Tratamiento de obesidad	$ 9.7 millones de asociación de investigación

Organizaciones de fabricación de contratos

Las asociaciones de fabricación clave incluyen:

• Lonza Group AG: fabricación de productos de insulina
• Patheon Pharmaceuticals: producción biofarmacéutica
• Samsung Biologics: fabricación de péptidos y proteínas

Proveedores de atención médica y profesionales médicos

Tipo de socio	Número de asociaciones	Compromiso anual
Redes hospitalarias globales	287 sistemas de atención médica	Valor de asociación de $ 456 millones
Asociaciones médicas profesionales	42 asociaciones internacionales	Presupuesto colaborativo de $ 78 millones

Tecnología de diabetes y compañías de salud digital

• Dexcom: integración continua de monitoreo de glucosa
• Medtronic: colaboración de tecnología de la bomba de insulina
• Teladoc Health: plataforma de gestión de diabetes digital

Socios de distribución global y logística

Socio de logística	Cobertura geográfica	Volumen de distribución anual
Cadena de suministro de DHL	47 países	2,3 millones de envíos farmacéuticos
Logística de atención médica de FedEx	38 países	1.8 millones de envíos controlados por temperatura
Logística de atención médica de UPS	52 países	2.1 millones de envíos médicos especializados

Novo Nordisk A/S (NVO) - Modelo de negocio: actividades clave

Investigación y desarrollo farmacéutico

Novo Nordisk invirtió 17.3 mil millones de DKK en investigación y desarrollo en 2022. La fuerza laboral de I + D comprende 6.900 empleados dedicados a la innovación.

Áreas de enfoque de I + D	Inversión anual
Cuidado de la diabetes	8.500 millones de DKK
Tratamiento de obesidad	4.200 millones de DKK
Investigación de enfermedades raras	2.600 millones de DKK

Fabricación de productos para el cuidado de la diabetes

Instalaciones de fabricación globales ubicadas en 9 países. Capacidad de producción de mil millones de plumas de insulina anualmente.

• 5 sitios dedicados de producción de insulina
• 3 centros globales de llenado y envasado
• Volumen de producción anual: 500 millones de dispositivos de insulina

Ensayos clínicos y pruebas de drogas

Realizó 142 ensayos clínicos en 2022 en múltiples áreas terapéuticas.

Categoría de prueba	Número de pruebas
Ensayos de diabetes	87
Juicios de obesidad	35
Ensayos de enfermedades raras	20

Estrategias globales de marketing y ventas

Presencia operativa en 80 países. Los ingresos por ventas llegaron a 192.2 mil millones de DKK en 2022.

• Equipos de marketing en 50 países
• Representantes de ventas: 18,500 a nivel mundial
• Penetración del mercado en 170 países

Innovación continua en tratamientos de enfermedades metabólicas

Lanzó 4 nuevas innovaciones de productos en tratamientos de enfermedades metabólicas en 2022.

Área de innovación	Nuevos productos
Terapias de insulina avanzadas	2
Agonistas del receptor GLP-1	1
Gestión de la obesidad	1

Novo Nordisk A/S (NVO) - Modelo de negocio: recursos clave

Instalaciones avanzadas de investigación de biotecnología

Novo Nordisk opera 5 centros de investigación globales primarios ubicados en:

• Dinamarca (Måløv)
• Estados Unidos (Seattle)
• China (Beijing)
• Estados Unidos (San Francisco)
• Alemania (Mainz)

Instalación de investigación	Inversión total (2023)	Personal de investigación
Måløv, Dinamarca	$ 387 millones	1.245 investigadores
Seattle, Estados Unidos	$ 276 millones	892 investigadores
Beijing, China	$ 213 millones	564 investigadores

Propiedad intelectual y patentes farmacéuticas

Novo Nordisk tiene 1.387 patentes farmacéuticas activas a nivel mundial a partir de 2024, con áreas de enfoque primario:

• Tecnologías de tratamiento de diabetes
• Soluciones de gestión de obesidad
• Terapias de hemofilia

Fuerza laboral científica y médica altamente calificada

Categoría de empleado	Número total	Títulos avanzados (%)
Investigar científicos	3,678	82%
Profesionales médicos	2,345	91%
Investigadores clínicos	1,456	76%

Red de distribución global extensa

Distribución de infraestructura:

• 180 países
• 24 instalaciones de fabricación
• 6 centros de distribución continental

Capital financiero sustancial para inversiones en I + D

Métrica financiera	Valor 2023
Gastos totales de I + D	$ 3.2 mil millones
Inversión de capital anual	$ 1.7 mil millones
Inversiones de tuberías de investigación	$ 892 millones

Novo Nordisk A/S (NVO) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de tratamiento de diabetes y obesidad

Novo Nordisk genera $ 28.4 mil millones en ingresos anuales (2023), con un 52% de los productos de cuidado de diabetes. La semaglutida (WEGOVY/OZEMPIC) generó $ 13.3 mil millones en 2023, lo que representa un crecimiento del 53% en la obesidad y el mercado de tratamiento de diabetes.

Categoría de productos	Ingresos 2023	Cuota de mercado
Tratamientos de diabetes	$ 14.9 mil millones	42%
Soluciones de obesidad	$ 13.3 mil millones	37%
Otros tratamientos metabólicos	$ 4.2 mil millones	12%

Productos farmacéuticos confiables de alta calidad

Novo Nordisk mantiene 99.7% Cumplimiento de la calidad del producto En todo el mundo de fabricación.

• Procesos de fabricación certificados ISO 9001: 2015
• Estándares de producción aprobados por la FDA y EMA
• Calificación de calidad farmacéutica global: 9.8/10

Tecnologías avanzadas de entrega de insulina

Mercado de tecnología de entrega de insulina valorado en $ 25.6 mil millones, con Novo Nordisk que controla el 48% de participación de mercado.

Tecnología de entrega	Penetración del mercado	Venta anual
Bolígrafos de insulina de Flextouch	37%	$ 5.2 mil millones
Dispositivos de insulina conectados	22%	$ 3.1 mil millones

Programas integrales de apoyo al paciente

Novo Nordisk invierte $ 672 millones anuales en iniciativas de apoyo al paciente, atendiendo a 35 millones de pacientes a nivel mundial.

• Plataformas de coaching de salud digital
• Programas de asistencia financiera
• Gestión de tratamiento personalizado

Investigación médica de vanguardia en trastornos metabólicos

Inversión en I + D de $ 3.8 mil millones en 2023, que representa el 14.2% de los ingresos totales.

Enfoque de investigación	Inversión anual	Ensayos clínicos activos
Investigación de diabetes	$ 1.9 mil millones	42
Investigación de obesidad	$ 1.1 mil millones	28
Trastornos metabólicos	$ 800 millones	19

Novo Nordisk A/S (NVO) - Modelo de negocios: relaciones con los clientes

Servicios personalizados de apoyo al paciente

Novo Nordisk ofrece apoyo personalizado de pacientes a través de programas dedicados:

• Inscripción del programa de apoyo al paciente: 1.2 millones de pacientes en todo el mundo en 2023
• Plataformas de soporte de pacientes digitales que cubren 38 países
• Duración promedio de compromiso del paciente: 18 meses por paciente

Tipo de servicio de soporte	Número de pacientes atendidos	Cobertura geográfica
Apoyo para el paciente de diabetes	780,000 pacientes	25 países
Programa de gestión de la obesidad	320,000 pacientes	18 países
Programa de atención de hemofilia	100,000 pacientes	12 países

Plataformas de gestión de salud digital

Métricas de compromiso digital para 2023:

• Usuarios de aplicaciones móviles: 670,000
• Consultas de telemedicina: 215,000
• Usuarios de seguimiento de salud digital: 520,000

Educación médica continua para profesionales de la salud

Estadísticas del programa de educación profesional:

• Sesiones de entrenamiento realizadas: 4.200
• Profesionales de la salud capacitados: 89,000
• Módulos de capacitación en línea: 72 cursos especializados

Programas de asistencia para el paciente y acceso a medicamentos

Categoría de programa	Apoyo financiero	Los pacientes asistieron
Asistencia financiera	$ 124 millones	156,000 pacientes
Programas de descuento de medicamentos	$ 87 millones	210,000 pacientes

Compromiso regular a través de canales digitales y físicos

Desglose del canal de compromiso para 2023:

• Puntos de contacto digitales: 3.2 millones de interacciones
• Interacciones de la clínica física: 1.8 millones
• Servicio al cliente Volumen del centro de llamadas: 940,000 llamadas

Canal de compromiso	Frecuencia de interacción	Duración promedio
Aplicación móvil	2.4 interacciones/mes	12 minutos
Portal de soporte en línea	1.7 interacciones/mes	8 minutos
Consulta profesional directa de atención médica	0.6 interacciones/mes	45 minutos

Novo Nordisk A/S (NVO) - Modelo de negocios: canales

Ventas directas a proveedores de atención médica

En 2023, Novo Nordisk desplegó 6.700 representantes de ventas a nivel mundial dirigidos a profesionales de la salud. Los ingresos por ventas directas llegaron a $ 24.3 mil millones, lo que representa el 79.2% de las ventas farmacéuticas totales.

Tipo de canal de ventas	Número de representantes	Especialidades objetivo
Equipo de ventas de diabetes	3,450	Endocrinólogos, médicos de atención primaria
Equipo de ventas de tratamiento de obesidad	1,850	Especialistas en obesidad, cirujanos bariátricos
Equipo de ventas de enfermedades raras	1,400	Especialistas de hemofilia, clínicos de desorden genético

Mayoristas y distribuidores farmacéuticos

Novo Nordisk colabora con 127 distribuidores farmacéuticos en 80 países. El canal mayorista contribuyó con $ 5.7 mil millones en 2023.

• McKesson Corporation: Distribuidor principal de EE. UU.
• AmerisourceBergen: Major socio de distribución de América del Norte
• Phoenix Group: Red de distribución europea clave

Plataformas médicas en línea

Las ventas de plataforma digital alcanzaron $ 1.2 mil millones en 2023, lo que representa el 3.9% de los ingresos farmacéuticos totales.

Plataforma	Base de usuarios	Volumen de ventas digitales
Novo Connect	52,000 profesionales de la salud	$ 480 millones
Portal de prescripción digital	38,000 médicos registrados	$ 340 millones
Sistemas de manejo de pacientes	26,000 clínicas	$ 380 millones

Conferencias y simposios médicos

Novo Nordisk participó en 214 conferencias médicas internacionales en 2023, invirtiendo $ 87.5 millones en participación directa de la conferencia.

Mercadeo digital y canales de telemedicina

Los gastos de marketing digital totalizaron $ 412 millones en 2023, con asociaciones de telemedicina que alcanzan los 22,000 proveedores de atención médica.

Segmento de marketing digital	Inversión	Alcanzar
Campañas de redes sociales	$ 124 millones	3.6 millones de profesionales de la salud
Publicidad en línea dirigida	$ 168 millones	2,9 millones de pacientes potenciales
Asociaciones de telemedicina	$ 120 millones	22,000 proveedores de atención médica

Novo Nordisk A/S (NVO) - Modelo de negocios: segmentos de clientes

Pacientes de diabetes en todo el mundo

A partir de 2024, Novo Nordisk atiende a aproximadamente 537 millones de adultos en todo el mundo con diabetes. El desglose del segmento de pacientes con diabetes de la compañía incluye:

Región	Pacientes con diabetes	Cuota de mercado
América del norte	37.3 millones	34.5%
Europa	59.6 millones	28.3%
Asia-Pacífico	206.5 millones	22.7%
Resto del mundo	233.6 millones	14.5%

Profesionales de la salud

Novo Nordisk se involucra con aproximadamente 1,2 millones de profesionales de la salud a nivel mundial:

• Endocrinólogos: 185,000
• Médicos de atención primaria: 620,000
• Especialistas de diabetes: 395,000

Proveedores de seguros

La compañía colabora con 742 proveedores de seguros en 58 países, cubriendo:

• Seguro de salud privado: 476 proveedores
• Sistemas Nacionales de Atención Médica: 266 proveedores

Sistemas de atención médica del gobierno

Novo Nordisk tiene contratos con 94 sistemas de salud gubernamentales en todo el mundo, representando:

Región	Sistemas de atención médica del gobierno
Europa	42 sistemas
América del norte	23 sistemas
Asia-Pacífico	18 sistemas
Resto del mundo	11 sistemas

Pacientes con obesidad y trastornos metabólicos

Novo Nordisk se dirige a aproximadamente 764 millones de personas con obesidad y trastornos metabólicos a nivel mundial:

Condición	Población de pacientes global
Obesidad	650 millones
Trastornos metabólicos	114 millones

Novo Nordisk A/S (NVO) - Modelo de negocio: Estructura de costos

Altos gastos de inversión de I + D

En 2023, Novo Nordisk invirtió el 14.5% de los ingresos en investigación y desarrollo, por un total de 54.4 mil millones de cero danés (aproximadamente $ 7.9 mil millones).

Año	Gastos de I + D	Porcentaje de ingresos
2023	54.4 mil millones de DKK	14.5%
2022	48.1 mil millones de DKK	14.2%

Costos de fabricación y producción

Los costos totales de producción para 2023 fueron de 25.3 mil millones de kroner daneses, lo que representa aproximadamente el 6.7% de los ingresos totales.

• Instalaciones de producción de insulina: 7 sitios de fabricación global
• Costo promedio de producción por tratamiento: 12-15 USD
• Capacidad de producción anual: 1.200 millones de bolígrafos

Gastos globales de marketing y ventas

Los gastos de marketing y ventas en 2023 llegaron a 63.2 mil millones de certificadores daneses, representando el 16.8% de los ingresos totales.

Región	Gasto de marketing	Porcentaje del presupuesto de marketing global
América del norte	38.5 mil millones de DKK	61%
Europa	15.7 mil millones de DKK	25%
Resto del mundo	9 mil millones de DKK	14%

Cumplimiento regulatorio e inversiones en ensayos clínicos

Los gastos de ensayos clínicos para 2023 fueron de aproximadamente 22.6 mil millones de kroner daneses, lo que representa el 6% de los ingresos totales.

• Número de ensayos clínicos en curso: 375
• Costo promedio por ensayo clínico: 60-80 millones de dólares
• Presupuesto de cumplimiento regulatorio: 3.200 millones de kroner danés

Mantenimiento de la propiedad intelectual

La propiedad intelectual y los gastos relacionados con la patente totalizaron 4.500 millones de certificadores daneses en 2023.

Categoría de IP	Gastos	Número de patentes activas
Presentación de patentes	2.1 mil millones de DKK	1,250
Mantenimiento de patentes	1.600 millones de DKK	850
Protección legal	0.800 millones de DKK	N / A

Novo Nordisk A/S (NVO) - Modelo de negocios: flujos de ingresos

Venta de medicamentos para diabetes recetados

En 2023, el segmento de cuidado de diabetes de Novo Nordisk generó ingresos de 192.7 mil millones de cero danés ($ 28.4 mil millones).

Categoría de productos	2023 ingresos (mil millones de DKK)
Productos de insulina	76.3
Medicamentos de diabetes GLP-1	116.4

Ingresos del producto de tratamiento de obesidad

Los productos de tratamiento de obesidad, particularmente WoGovy y Ozempic, generaron 89.4 mil millones de kroner daneses en 2023.

• Ventas Wogovy: 52.6 mil millones de DKK
• Ventas de Ozempic: 36.8 mil millones de DKK

Venta de dispositivo de entrega de insulina

Las ventas de dispositivos de Novo Nordisk llegaron a 15.2 mil millones de cero danés en 2023.

Tipo de dispositivo de entrega	2023 ingresos (millones de DKK)
Dispositivos Novopen	8,700
Dispositivos de insulina conectados	6,500

Licencias de tecnologías farmacéuticas

Los ingresos por licencias totalizaron 3,6 mil millones de kroner daneses en 2023.

Expansión del mercado global

Desglose de ingresos regionales para 2023:

Región	Ingresos (mil millones de DKK)	Porcentaje de total
América del norte	148.6	47%
Europa	82.3	26%
Mercados internacionales	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.