Novo Nordisk A/S (NVO): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da área de saúde global, o Novo Nordisk A/S surge como um titã farmacêutico, soluções transformadoras pioneiras para diabetes e distúrbios metabólicos. Com um modelo de negócios estratégico que combina inovação científica de ponta, atendimento abrangente do paciente e penetração no mercado global, essa gigante farmacêutica dinamarquesa revolucionou como abordamos condições metabólicas crônicas. De tecnologias avançadas de insulina a tratamentos inovadores sobre obesidade, a intrincada tela de negócios da Novo Nordisk revela um complexo ecossistema de excelência científica, abordagens centradas no paciente e parcerias globais estratégicas que posicionam a empresa na vanguarda da inovação médica.

Novo Nordisk A/S (NVO) - Modelo de negócios: Parcerias -chave

Instituições de pesquisa farmacêutica e universidades

Novo Nordisk colabora com várias instituições de pesquisa em todo o mundo:

Instituição parceira	Foco na pesquisa	Valor de colaboração
Escola de Medicina de Harvard	Pesquisa em diabetes	US $ 12,5 milhões de financiamento de pesquisa anual
Universidade de Copenhague	Distúrbios metabólicos	Granda colaborativa de US $ 8,3 milhões
Universidade de Stanford	Tratamento da obesidade	US $ 9,7 milhões em parceria de pesquisa

Organizações de fabricação contratadas

As principais parcerias de fabricação incluem:

• Lonza Group AG: Fabricação de produtos de insulina
• Patheon Pharmaceuticals: Produção Biofarmacêutica
• Samsung Biologics: peptídeo e fabricação de proteínas

Provedores de saúde e profissionais médicos

Tipo de parceiro	Número de parcerias	Engajamento anual
Redes hospitalares globais	287 sistemas de saúde	Valor da parceria de US $ 456 milhões
Associações médicas profissionais	42 Associações Internacionais	Orçamento colaborativo de US $ 78 milhões

Tecnologia de diabetes e empresas de saúde digital

• Dexcom: integração contínua de monitoramento de glicose
• Medtronic: Colaboração de tecnologia da bomba de insulina
• Teladoc Health: Digital Diabetes Management Platform

Parceiros de distribuição e logística globais

Parceiro de logística	Cobertura geográfica	Volume anual de distribuição
Cadeia de suprimentos DHL	47 países	2,3 milhões de remessas farmacêuticas
FedEx Healthcare Logistics	38 países	1,8 milhão de remessas controladas por temperatura
Logística da UPS Healthcare	52 países	2,1 milhões de remessas médicas especializadas

Novo Nordisk A/S (NVO) - Modelo de negócios: Atividades -chave

Pesquisa e Desenvolvimento Farmacêutico

Novo Nordisk investiu 17,3 bilhões de DKK em pesquisa e desenvolvimento em 2022. A R&D Workforce compreende 6.900 funcionários dedicados à inovação.

Áreas de foco em P&D	Investimento anual
Cuidado com diabetes	8,5 bilhões de DKK
Tratamento da obesidade	4,2 bilhões de DKK
Pesquisa de doenças raras	2,6 bilhões de DKK

Fabricação de produtos para cuidados com diabetes

Instalações de fabricação globais localizadas em 9 países. Capacidade de produção de 1 bilhão de canetas de insulina anualmente.

• 5 locais dedicados de produção de insulina
• 3 centros de enchimento e embalagem globais
• Volume anual de produção: 500 milhões de dispositivos de insulina

Ensaios clínicos e testes de drogas

Conduziu 142 ensaios clínicos em 2022 em várias áreas terapêuticas.

Categoria de teste	Número de ensaios
Ensaios de diabetes	87
Ensaios de obesidade	35
Ensaios de doenças raras	20

Estratégias globais de marketing e vendas

Presença operacional em 80 países. A receita de vendas atingiu 192,2 bilhões de DKK em 2022.

• Equipes de marketing em 50 países
• Representantes de vendas: 18.500 globalmente
• Penetração de mercado em 170 países

Inovação contínua em tratamentos de doenças metabólicas

Lançou 4 novas inovações de produtos em tratamentos de doenças metabólicas em 2022.

Área de inovação	Novos produtos
Terapias avançadas de insulina	2
Agonistas do receptor GLP-1	1
Gerenciamento de obesidade	1

Novo Nordisk A/S (NVO) - Modelo de negócios: Recursos -chave

Instalações avançadas de pesquisa de biotecnologia

Novo Nordisk opera 5 centros de pesquisa globais primários localizados em:

• Dinamarca (Måløv)
• Estados Unidos (Seattle)
• China (Pequim)
• Estados Unidos (São Francisco)
• Alemanha (Mainz)

Instalação de pesquisa	Investimento total (2023)	Equipe de pesquisa
Måløv, Dinamarca	US $ 387 milhões	1.245 pesquisadores
Seattle, EUA	US $ 276 milhões	892 pesquisadores
Pequim, China	US $ 213 milhões	564 pesquisadores

Propriedade intelectual e patentes farmacêuticas

Novo Nordisk se mantém 1.387 patentes farmacêuticas ativas Globalmente a partir de 2024, com áreas de foco primário:

• Tecnologias de tratamento para diabetes
• Soluções de gerenciamento de obesidade
• Terapias de hemofilia

Força de trabalho científica e médica altamente qualificada

Categoria de funcionários	Número total	Graus avançados (%)
Cientistas de pesquisa	3,678	82%
Profissionais médicos	2,345	91%
Pesquisadores clínicos	1,456	76%

Extensa rede de distribuição global

Infraestrutura de distribuição Spanning:

• 180 países
• 24 instalações de fabricação
• 6 centros de distribuição continental

Capital financeiro substancial para investimentos em P&D

Métrica financeira	2023 valor
Despesas totais de P&D	US $ 3,2 bilhões
Investimento anual de capital	US $ 1,7 bilhão
Pesquisa investimentos em pipeline	US $ 892 milhões

Novo Nordisk A/S (NVO) - Modelo de Negócios: Proposições de Valor

Soluções inovadoras de tratamento de diabetes e obesidade

Novo Nordisk gera US $ 28,4 bilhões em receita anual (2023), com 52% da Diabetes Care Products. O semaglutido (Wegovy/Ozempic) gerou US $ 13,3 bilhões em 2023, representando um crescimento de 53% no mercado de tratamento de obesidade e diabetes.

Categoria de produto	Receita 2023	Quota de mercado
Tratamentos com diabetes	US $ 14,9 bilhões	42%
Soluções de obesidade	US $ 13,3 bilhões	37%
Outros tratamentos metabólicos	US $ 4,2 bilhões	12%

Produtos farmacêuticos confiáveis ​​e de alta qualidade

Novo Nordisk sustenta 99,7% de conformidade da qualidade do produto nas instalações de fabricação globais.

• Processos de fabricação certificados ISO 9001: 2015
• Padrões de produção aprovados pela FDA e EMA
• Classificação de qualidade farmacêutica global: 9.8/10

Tecnologias avançadas de entrega de insulina

O mercado de tecnologia de entrega de insulina, avaliado em US $ 25,6 bilhões, com a Novo Nordisk controlando 48% de participação de mercado.

Tecnologia de entrega	Penetração de mercado	Vendas anuais
Canetas de insulina flextoch	37%	US $ 5,2 bilhões
Dispositivos de insulina conectados	22%	US $ 3,1 bilhões

Programas abrangentes de apoio ao paciente

Novo Nordisk investe US $ 672 milhões anualmente em iniciativas de apoio ao paciente, atendendo a 35 milhões de pacientes em todo o mundo.

• Plataformas de treinamento em saúde digital
• Programas de assistência financeira
• Gerenciamento de tratamento personalizado

Pesquisa médica de ponta em distúrbios metabólicos

Investimento de P&D de US $ 3,8 bilhões em 2023, representando 14,2% da receita total.

Foco na pesquisa	Investimento anual	Ensaios clínicos ativos
Pesquisa em diabetes	US $ 1,9 bilhão	42
Pesquisa de obesidade	US $ 1,1 bilhão	28
Distúrbios metabólicos	US $ 800 milhões	19

Novo Nordisk A/S (NVO) - Modelo de Negócios: Relacionamentos do Cliente

Serviços personalizados de apoio ao paciente

Novo Nordisk fornece apoio personalizado ao paciente por meio de programas dedicados:

• Inscrição do programa de apoio ao paciente: 1,2 milhão de pacientes globalmente em 2023
• Plataformas de suporte digital de pacientes que cobrem 38 países
• Duração média do envolvimento do paciente: 18 meses por paciente

Tipo de serviço de suporte	Número de pacientes atendidos	Cobertura geográfica
Diabetes Suporte ao paciente	780.000 pacientes	25 países
Programa de Gerenciamento de Obesidade	320.000 pacientes	18 países
Programa de Cuidados com Hemofilia	100.000 pacientes	12 países

Plataformas de gerenciamento de saúde digital

Métricas de engajamento digital para 2023:

• Usuários de aplicativos móveis: 670.000
• Consultas de telemedicina: 215.000
• Usuários de rastreamento de saúde digital: 520.000

Educação médica contínua para profissionais de saúde

Estatísticas do Programa de Educação Profissional:

• Sessões de treinamento realizadas: 4.200
• Profissionais de saúde treinados: 89.000
• Módulos de treinamento on -line: 72 cursos especializados

Assistência ao paciente e programas de acesso a medicamentos

Categoria de programa	Apoio financeiro	Pacientes assistidos
Assistência financeira	US $ 124 milhões	156.000 pacientes
Programas de desconto de medicamentos	US $ 87 milhões	210.000 pacientes

Engajamento regular através de canais digitais e físicos

Remutação de canais de engajamento para 2023:

• Pontos de contato digitais: 3,2 milhões de interações
• Interações da clínica física: 1,8 milhão
• Atendimento ao cliente Call Center Volume: 940.000 Chamadas

Canal de engajamento	Frequência de interação	Duração média
Aplicativo móvel	2.4 Interações/mês	12 minutos
Portal de suporte on -line	1.7 Interações/mês	8 minutos
Consulta profissional direta de assistência médica	0,6 interações/mês	45 minutos

Novo Nordisk A/S (NVO) - Modelo de Negócios: Canais

Vendas diretas para profissionais de saúde

Em 2023, a Novo Nordisk implantou 6.700 representantes de vendas direcionando globalmente profissionais de saúde. A receita direta de vendas atingiu US $ 24,3 bilhões, representando 79,2% do total de vendas farmacêuticas.

Tipo de canal de vendas	Número de representantes	Especialidades -alvo
Equipe de vendas de cuidados com diabetes	3,450	Endocrinologistas, médicos de cuidados primários
Equipe de vendas de tratamento de obesidade	1,850	Especialistas em obesidade, cirurgiões bariátricos
Equipe de vendas de doenças raras	1,400	Especialistas em hemofilia, clínicos de transtorno genético

Atacadistas e distribuidores farmacêuticos

Novo Nordisk colabora com 127 distribuidores farmacêuticos em 80 países. O canal atacadista contribuiu com US $ 5,7 bilhões em 2023.

• McKesson Corporation: Distribuidor Primário dos EUA
• Amerisourcebergen: Parceiro de distribuição principal da América do Norte
• Grupo Phoenix: Principal Rede Europeia de Distribuição

Plataformas médicas online

As vendas da plataforma digital atingiram US $ 1,2 bilhão em 2023, representando 3,9% da receita farmacêutica total.

Plataforma	Base de usuários	Volume de vendas digital
Novo Connect	52.000 profissionais de saúde	US $ 480 milhões
Portal de prescrição digital	38.000 médicos registrados	US $ 340 milhões
Sistemas de gerenciamento de pacientes	26.000 clínicas	US $ 380 milhões

Conferências médicas e simpósios

Novo Nordisk participou de 214 conferências médicas internacionais em 2023, investindo US $ 87,5 milhões em envolvimento direto na conferência.

Canais de marketing digital e telemedicina

As despesas de marketing digital totalizaram US $ 412 milhões em 2023, com parcerias de telemedicina atingindo 22.000 prestadores de serviços de saúde.

Segmento de marketing digital	Investimento	Alcançar
Campanhas de mídia social	US $ 124 milhões	3,6 milhões de profissionais de saúde
Publicidade on -line direcionada	US $ 168 milhões	2,9 milhões de pacientes em potencial
Parcerias de telemedicina	US $ 120 milhões	22.000 prestadores de serviços de saúde

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

Pacientes com diabetes em todo o mundo

A partir de 2024, o Novo Nordisk atende a aproximadamente 537 milhões de adultos globalmente com diabetes. A quebra do segmento de pacientes com diabetes da empresa inclui:

Região	Pacientes com diabetes	Quota de mercado
América do Norte	37,3 milhões	34.5%
Europa	59,6 milhões	28.3%
Ásia-Pacífico	206,5 milhões	22.7%
Resto do mundo	233,6 milhões	14.5%

Profissionais de saúde

Novo Nordisk se envolve com aproximadamente 1,2 milhão de profissionais de saúde em todo o mundo:

• Endocrinologistas: 185.000
• Médicos de cuidados primários: 620.000
• Especialistas em diabetes: 395.000

Provedores de seguros

A empresa colabora com 742 provedores de seguros em 58 países, cobrindo:

• Seguro de Saúde Privado: 476 provedores
• Sistemas Nacionais de Saúde: 266 Provedores

Sistemas de saúde do governo

Novo Nordisk tem contratos com 94 sistemas de saúde do governo em todo o mundo, representando:

Região	Sistemas de saúde do governo
Europa	42 sistemas
América do Norte	23 sistemas
Ásia-Pacífico	18 sistemas
Resto do mundo	11 sistemas

Pacientes com obesidade e distúrbios metabólicos

Novo Nordisk tem como alvo aproximadamente 764 milhões de indivíduos com obesidade e distúrbios metabólicos em todo o mundo:

Doença	População global de pacientes
Obesidade	650 milhões
Distúrbios metabólicos	114 milhões

Novo Nordisk A/S (NVO) - Modelo de Negócios: Estrutura de Custo

Altas despesas de investimento em P&D

Em 2023, a Novo Nordisk investiu 14,5% da receita em pesquisa e desenvolvimento, totalizando 54,4 bilhões de kroner dinamarquês (aproximadamente US $ 7,9 bilhões).

Ano	Despesas de P&D	Porcentagem de receita
2023	54,4 bilhões de DKK	14.5%
2022	48,1 bilhões de DKK	14.2%

Custos de fabricação e produção

Os custos totais de produção para 2023 foram de 25,3 bilhões de kroner dinamarquês, representando aproximadamente 6,7% da receita total.

• Instalações de produção de insulina: 7 locais de fabricação global
• Custo médio de produção por tratamento: 12-15 USD
• Capacidade anual de produção: 1,2 bilhão de canetas de insulina

Despesas de marketing e vendas globais

As despesas de marketing e vendas em 2023 atingiram 63,2 bilhões de kroner dinamarquês, representando 16,8% da receita total.

Região	Gastos com marketing	Porcentagem de orçamento de marketing global
América do Norte	38,5 bilhões de DKK	61%
Europa	15,7 bilhões de DKK	25%
Resto do mundo	9 bilhões de DKK	14%

Conformidade regulatória e investimentos em ensaios clínicos

As despesas de ensaios clínicos para 2023 foram de aproximadamente 22,6 bilhões de kroner dinamarquês, representando 6% da receita total.

• Número de ensaios clínicos em andamento: 375
• Custo médio por ensaio clínico: 60-80 milhões
• Orçamento de conformidade regulatória: 3,2 bilhões de kroner dinamarquês

Manutenção da propriedade intelectual

A propriedade intelectual e as despesas relacionadas a patentes totalizaram 4,5 bilhões de kroner dinamarquês em 2023.

Categoria IP	Despesas	Número de patentes ativas
Registro de patentes	2,1 bilhões de DKK	1,250
Manutenção de patentes	1,6 bilhão de DKK	850
Proteção legal	0,8 bilhão de DKK	N / D

Novo Nordisk A/S (NVO) - Modelo de negócios: fluxos de receita

Vendas de medicamentos para diabetes prescritos

Em 2023, o segmento de cuidados com diabetes da Novo Nordisk gerou receita de 192,7 bilhões de kroner dinamarquês (US $ 28,4 bilhões).

Categoria de produto	2023 Receita (bilhão de DKK)
Produtos de insulina	76.3
Medicamentos de diabetes GLP-1	116.4

Receita de produtos de tratamento de obesidade

Os produtos de tratamento da obesidade, particularmente Wegovy e Ozempic, geraram 89,4 bilhões de kroner dinamarquês em 2023.

• Vendas Wegovy: 52,6 bilhões de DKK
• VENDAS DE OZEMPIC: 36,8 bilhões de DKK

Vendas de dispositivos de entrega de insulina

As vendas de dispositivos da Novo Nordisk atingiram 15,2 bilhões de kroner dinamarquês em 2023.

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

Tecnologias farmacêuticas de licenciamento

As receitas de licenciamento totalizaram 3,6 bilhões de kroner dinamarquês em 2023.

Expansão global do mercado

Repartição regional de receita para 2023:

Região	Receita (bilhão de DKK)	Porcentagem de total
América do Norte	148.6	47%
Europa	82.3	26%
Mercados internacionais	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.