Novo Nordisk A / S (NVO): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique des soins de santé mondiaux, Novo Nordisk A / S apparaît comme un titan pharmaceutique, des solutions transformatrices pionnières pour le diabète et les troubles métaboliques. Avec un modèle commercial stratégique qui mélange l'innovation scientifique de pointe, les soins complets des patients et la pénétration mondiale du marché, ce géant pharmaceutique danois a révolutionné la façon dont nous abordons les conditions métaboliques chroniques. Des technologies d'insuline avancées aux traitements révolutionnaires de l'obésité, la toile commerciale complexe de Novo Nordisk révèle un écosystème complexe de l'excellence scientifique, des approches centrées sur les patients et des partenariats mondiaux stratégiques qui positionnent l'entreprise au premier plan de l'innovation médicale.

Novo Nordisk A / S (NVO) - Modèle commercial: partenariats clés

Institutions et universités de recherche pharmaceutique

Novo Nordisk collabore avec plusieurs institutions de recherche dans le monde:

Institution partenaire	Focus de recherche	Valeur de collaboration
École de médecine de Harvard	Recherche du diabète	Financement de la recherche annuelle de 12,5 millions de dollars
Université de Copenhague	Troubles métaboliques	Subvention collaborative de 8,3 millions de dollars
Université de Stanford	Traitement de l'obésité	Partnership de recherche de 9,7 millions de dollars

Organisations de fabrication de contrats

Les principaux partenariats de fabrication comprennent:

• Lonza Group AG: fabrication de produits d'insuline
• Patheon Pharmaceuticals: Production biopharmaceutique
• Samsung Biologics: Manufacturation des peptides et des protéines

Fournisseurs de soins de santé et professionnels de la santé

Type de partenaire	Nombre de partenariats	Engagement annuel
Réseaux d'hôpital mondiaux	287 systèmes de soins de santé	Valeur de partenariat de 456 millions de dollars
Associations médicales professionnelles	42 associations internationales	Budget collaboratif de 78 millions de dollars

Technologie du diabète et sociétés de santé numérique

• Dexcom: intégration continue de surveillance du glucose
• Medtronic: collaboration technologique de la pompe à insuline
• Téladoc Health: plateforme de gestion du diabète numérique

Partenaires mondiaux de distribution et de logistique

Partenaire de logistique	Couverture géographique	Volume de distribution annuel
Chaîne d'approvisionnement DHL	47 pays	2,3 millions d'expédition pharmaceutiques
FedEx Healthcare Logistics	38 pays	1,8 million d'expédition à température contrôlée
Logistique des soins de santé UPS	52 pays	2,1 millions d'expédition médicales spécialisées

Novo Nordisk A / S (NVO) - Modèle d'entreprise: Activités clés

Recherche et développement pharmaceutiques

Novo Nordisk a investi 17,3 milliards de DKK dans la recherche et le développement en 2022. La main-d'œuvre de R&D comprend 6 900 employés dédiés à l'innovation.

Zones de mise au point R&D	Investissement annuel
Soins au diabète	8,5 milliards de DKK
Traitement de l'obésité	4,2 milliards de DKK
Recherche de maladies rares	2,6 milliards de DKK

Fabrication de produits de soins du diabète

Installations mondiales de fabrication situées dans 9 pays. Capacité de production de 1 milliard de stylos à insuline par an.

• 5 sites de production d'insuline dédiés
• 3 centres mondiaux de remplissage et d'emballage
• Volume de production annuel: 500 millions d'appareils à insuline

Essais cliniques et dépistage de médicaments

A mené 142 essais cliniques en 2022 dans plusieurs zones thérapeutiques.

Catégorie d'essai	Nombre de procès
Essais de diabète	87
Essais d'obésité	35
Essais de maladies rares	20

Stratégies mondiales de marketing et de vente

Présence opérationnelle dans 80 pays. Les revenus des ventes ont atteint 192,2 milliards de DKK en 2022.

• Équipes marketing dans 50 pays
• Représentants commerciaux: 18 500 dans le monde entier
• Pénétration du marché dans 170 pays

Innovation continue dans les traitements de maladies métaboliques

A lancé 4 nouveaux innovations de produits dans les traitements des maladies métaboliques en 2022.

Zone d'innovation	Nouveaux produits
Thérapies à l'insuline avancée	2
Agonistes des récepteurs GLP-1	1
Gestion de l'obésité	1

Novo Nordisk A / S (NVO) - Modèle d'entreprise: Ressources clés

Installations de recherche avancée en biotechnologie

Novo Nordisk exploite 5 principaux centres de recherche mondiaux situés dans:

• Danemark (Måløv)
• États-Unis (Seattle)
• Chine (Pékin)
• États-Unis (San Francisco)
• Allemagne (Mainz)

Installation de recherche	Investissement total (2023)	Personnel de recherche
Måløv, Danemark	387 millions de dollars	1 245 chercheurs
Seattle, États-Unis	276 millions de dollars	892 chercheurs
Pékin, Chine	213 millions de dollars	564 chercheurs

Propriété intellectuelle et brevets pharmaceutiques

Novo Nordisk tient 1 387 brevets pharmaceutiques actifs Globalement à partir de 2024, avec des domaines d'intervention principaux:

• Technologies de traitement du diabète
• Solutions de gestion de l'obésité
• Thérapies d'hémophilie

Main-d'œuvre scientifique et médicale hautement qualifiée

Catégorie des employés	Nombre total	Diplômes avancés (%)
Chercheur	3,678	82%
Professionnels de la santé	2,345	91%
Chercheurs en clinique	1,456	76%

Réseau de distribution mondial étendu

Infrastructure de distribution couvrant:

• 180 pays
• 24 installations de fabrication
• 6 centres de distribution continentaux

Capital financier substantiel pour les investissements en R&D

Métrique financière	Valeur 2023
Dépenses totales de R&D	3,2 milliards de dollars
Investissement en capital annuel	1,7 milliard de dollars
Investissements de pipeline de recherche	892 millions de dollars

Novo Nordisk A / S (NVO) - Modèle d'entreprise: Propositions de valeur

Solutions innovantes de traitement du diabète et de l'obésité

Novo Nordisk génère 28,4 milliards de dollars de revenus annuels (2023), avec 52% de Diabetes Care Products. Le sémaglutide (Wegovy / Ozempic) a généré 13,3 milliards de dollars en 2023, ce qui représente une croissance de 53% du marché du traitement de l'obésité et du diabète.

Catégorie de produits	Revenu 2023	Part de marché
Traitements du diabète	14,9 milliards de dollars	42%
Solutions d'obésité	13,3 milliards de dollars	37%
Autres traitements métaboliques	4,2 milliards de dollars	12%

Produits pharmaceutiques fiables de haute qualité

Novo Nordisk maintient 99,7% Compliance de la qualité du produit dans les installations de fabrication mondiales.

• Processus de fabrication certifiés ISO 9001: 2015
• Normes de production approuvées par la FDA et l'EMA
• Évaluation mondiale de la qualité pharmaceutique: 9.8 / 10

Technologies de livraison d'insuline avancée

Marché des technologies de livraison d'insuline d'une valeur de 25,6 milliards de dollars, Novo Nordisk contrôlant 48% de part de marché.

Technologie de livraison	Pénétration du marché	Ventes annuelles
Stylos à insuline flexouch	37%	5,2 milliards de dollars
Dispositifs d'insuline connectés	22%	3,1 milliards de dollars

Programmes complets de soutien aux patients

Novo Nordisk investit 672 millions de dollars par an dans les initiatives de soutien aux patients, desservant 35 millions de patients dans le monde.

• Plates-formes de coaching de santé numérique
• Programmes d'aide financière
• Gestion personnalisée du traitement

Recherche médicale de pointe sur les troubles métaboliques

Investissement en R&D de 3,8 milliards de dollars en 2023, ce qui représente 14,2% des revenus totaux.

Focus de recherche	Investissement annuel	Essais cliniques actifs
Recherche du diabète	1,9 milliard de dollars	42
Recherche sur l'obésité	1,1 milliard de dollars	28
Troubles métaboliques	800 millions de dollars	19

Novo Nordisk A / S (NVO) - Modèle d'entreprise: Relations clients

Services de soutien aux patients personnalisés

Novo Nordisk fournit un soutien personnalisé pour les patients grâce à des programmes dédiés:

• Inscription du programme de soutien aux patients: 1,2 million de patients dans le monde en 2023
• Plateformes de support de patients numériques couvrant 38 pays
• Durée moyenne de l'engagement des patients: 18 mois par patient

Type de service d'assistance	Nombre de patients servis	Couverture géographique
Support du patient du diabète	780 000 patients	25 pays
Programme de gestion de l'obésité	320 000 patients	18 pays
Programme de soins d'hémophilie	100 000 patients	12 pays

Plateformes de gestion de la santé numérique

Métriques d'engagement numérique pour 2023:

• Utilisateurs d'applications mobiles: 670 000
• Consultations de télémédecine: 215 000
• Utilisateurs de suivi de la santé numérique: 520 000

Éducation médicale continue pour les professionnels de la santé

Statistiques du programme de formation professionnelle:

• Sessions de formation effectuées: 4 200
• Professionnels de la santé formés: 89 000
• Modules de formation en ligne: 72 cours spécialisés

Programmes d'aide aux patients et d'accès aux médicaments

Catégorie de programme	Soutien financier	Patients aidés
Aide financière	124 millions de dollars	156 000 patients
Programmes de réduction des médicaments	87 millions de dollars	210 000 patients

Engagement régulier à travers les canaux numériques et physiques

Dépression des canaux d'engagement pour 2023:

• Points de contact numériques: 3,2 millions d'interactions
• Interactions de la clinique physique: 1,8 million
• Volume du centre d'appels du service client: 940 000 appels

Canal de fiançailles	Fréquence d'interaction	Durée moyenne
Application mobile	2.4 Interactions / mois	12 minutes
Portail d'assistance en ligne	1.7 Interactions / mois	8 minutes
Consultation professionnelle directe des soins de santé	0,6 interactions / mois	45 minutes

Novo Nordisk A / S (NVO) - Modèle d'entreprise: canaux

Ventes directes aux prestataires de soins de santé

En 2023, Novo Nordisk a déployé 6 700 représentants des ventes à l'échelle mondiale ciblant les professionnels de la santé. Les revenus de ventes directs ont atteint 24,3 milliards de dollars, ce qui représente 79,2% du total des ventes pharmaceutiques.

Type de canal de vente	Nombre de représentants	Target Specialties
Équipe de vente de soins du diabète	3,450	Endocrinologues, médecins de soins primaires
Équipe de vente de traitement de l'obésité	1,850	Spécialistes de l'obésité, chirurgiens bariatriques
Équipe de vente de maladies rares	1,400	Spécialistes de l'hémophilie, cliniciens de troubles génétiques

Pharmaceutiques Grossistes et distributeurs

Novo Nordisk collabore avec 127 distributeurs pharmaceutiques dans 80 pays. Le canal de gros a contribué 5,7 milliards de dollars en 2023.

• McKesson Corporation: Distributeur américain principal
• Amerisourcebergen: partenaire de distribution nord-américain majeur
• Phoenix Group: clé de distribution européenne clé

Plateformes médicales en ligne

Les ventes de plates-formes numériques ont atteint 1,2 milliard de dollars en 2023, ce qui représente 3,9% du total des revenus pharmaceutiques.

Plate-forme	Base d'utilisateurs	Volume de ventes numériques
Novo Connect	52 000 professionnels de la santé	480 millions de dollars
Portail de prescription numérique	38 000 médecins enregistrés	340 millions de dollars
Systèmes de gestion des patients	26 000 cliniques	380 millions de dollars

Conférences médicales et symposiums

Novo Nordisk a participé à 214 conférences médicales internationales en 2023, investissant 87,5 millions de dollars dans l'engagement direct de la conférence.

Channeaux de marketing numérique et de télémédecine

Les dépenses de marketing numérique ont totalisé 412 millions de dollars en 2023, avec des partenariats de télémédecine atteignant 22 000 prestataires de soins de santé.

Segment de marketing numérique	Investissement	Atteindre
Campagnes de médias sociaux	124 millions de dollars	3,6 millions de professionnels de la santé
Publicité en ligne ciblée	168 millions de dollars	2,9 millions de patients potentiels
Partenariats de télémédecine	120 millions de dollars	22 000 fournisseurs de soins de santé

Novo Nordisk A / S (NVO) - Modèle d'entreprise: segments de clientèle

Patiens du diabète dans le monde

En 2024, Novo Nordisk dessert environ 537 millions d'adultes dans le monde entier avec diabète. La répartition du segment des patients du diabète de l'entreprise comprend:

Région	Patiens du diabète	Part de marché
Amérique du Nord	37,3 millions	34.5%
Europe	59,6 millions	28.3%
Asie-Pacifique	206,5 millions	22.7%
Reste du monde	233,6 millions	14.5%

Professionnels de la santé

Novo Nordisk s'engage avec environ 1,2 million de professionnels de la santé dans le monde:

• Endocrinologues: 185 000
• Pédicaux de soins primaires: 620 000
• Spécialistes du diabète: 395 000

Assureurs

La société collabore avec 742 assureurs dans 58 pays, couvrant:

• Assurance maladie privée: 476 fournisseurs
• Systèmes nationaux de santé: 266 fournisseurs

Systèmes de santé gouvernementaux

Novo Nordisk a des contrats avec 94 systèmes de santé gouvernementaux dans le monde, représentant:

Région	Systèmes de santé gouvernementaux
Europe	42 systèmes
Amérique du Nord	23 systèmes
Asie-Pacifique	18 systèmes
Reste du monde	11 systèmes

Patients souffrant d'obésité et de troubles métaboliques

Novo Nordisk cible environ 764 millions de personnes atteintes d'obésité et de troubles métaboliques à l'échelle mondiale:

Condition	Population mondiale de patients
Obésité	650 millions
Troubles métaboliques	114 millions

Novo Nordisk A / S (NVO) - Modèle d'entreprise: Structure des coûts

Dépenses d'investissement élevés en R&D

En 2023, Novo Nordisk a investi 14,5% des revenus dans la recherche et le développement, totalisant 54,4 milliards de kroner danois (environ 7,9 milliards de dollars).

Année	Dépenses de R&D	Pourcentage de revenus
2023	54,4 milliards de DKK	14.5%
2022	48,1 milliards de DKK	14.2%

Coûts de fabrication et de production

Les coûts de production totaux pour 2023 étaient de 25,3 milliards de kroner danois, ce qui représente environ 6,7% des revenus totaux.

• Installations de production d'insuline: 7 sites de fabrication mondiaux
• Coût de production moyen par traitement: 12-15 USD
• Capacité de production annuelle: 1,2 milliard de stylos d'insuline

Dépenses de marketing et de vente mondiales

Les frais de marketing et de vente en 2023 ont atteint 63,2 milliards de kroner danois, représentant 16,8% des revenus totaux.

Région	Dépenses marketing	Pourcentage du budget marketing mondial
Amérique du Nord	38,5 milliards de DKK	61%
Europe	15,7 milliards de DKK	25%
Reste du monde	9 milliards de DKK	14%

Conformité réglementaire et investissements en essais cliniques

Les dépenses des essais cliniques pour 2023 étaient d'environ 22,6 milliards de kroner danois, ce qui représente 6% des revenus totaux.

• Nombre d'essais cliniques en cours: 375
• Coût moyen par essai clinique: 60 à 80 millions USD
• Budget de conformité réglementaire: 3,2 milliards de kroner danois

Maintenance de la propriété intellectuelle

La propriété intellectuelle et les dépenses liées aux brevets ont totalisé 4,5 milliards de kroner danois en 2023.

Catégorie IP	Dépenses	Nombre de brevets actifs
Dépôt de brevet	2,1 milliards de DKK	1,250
Entretien de brevets	1,6 milliard de DKK	850
Protection juridique	0,8 milliard de DKK	N / A

Novo Nordisk A / S (NVO) - Modèle d'entreprise: Strots de revenus

Ventes de médicaments sur le diabète sur ordonnance

En 2023, le segment des soins du diabète de Novo Nordisk a généré des revenus de 192,7 milliards de kroner danois (28,4 milliards de dollars).

Catégorie de produits	2023 Revenus (milliards de DKK)
Produits à l'insuline	76.3
Médicaments du diabète GLP-1	116.4

Revenus de produits de traitement de l'obésité

Les produits de traitement de l'obésité, en particulier Wegovy et Ozempic, ont généré 89,4 milliards de kroner danois en 2023.

• Ventes de Wegovy: 52,6 milliards de DKK
• Ventes ozempiques: 36,8 milliards de dkk

Ventes de dispositifs de livraison d'insuline

Les ventes d'appareils de Novo Nordisk ont ​​atteint 15,2 milliards de kroner danois en 2023.

Type de périphérique de livraison	2023 revenus (millions de DKK)
Dispositifs novopen	8,700
Dispositifs d'insuline connectés	6,500

Licence des technologies pharmaceutiques

Les revenus de licence ont totalisé 3,6 milliards de kroner danois en 2023.

Expansion du marché mondial

Répartition régionale des revenus pour 2023:

Région	Revenus (milliards dkk)	Pourcentage du total
Amérique du Nord	148.6	47%
Europe	82.3	26%
Marchés internationaux	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.