NN Background

Net capital expenditure for property, plant
and equipment was DKK 5.2 billion, compared
with DKK 4.0 billion in 2014, which is in line
with the latest guidance of ‘around DKK 5.0
billion’. Net capital expenditure was primarily
related to investments in additional insulin
filling capacity, expansion of the manufacturing
capacity for biopharmaceutical products
and the construction of new research
facilities.
Free cash flow was DKK 34.2 billion, compared
with DKK 27.4 billion in 2014, which
is in line with the latest guidance of ’DKK
33–35 billion’. The increase of 25% compared
with 2014 primarily reflects the
increased cash flow from operating activities
as well as the non-recurring proceeds from
the partial divestment of NNIT A/S.

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According to the International Diabetes Federation,
415 million people worldwide are
living with diabetes, and it is predicted that
by 2040 more than 10% of the world’s adult
population – 642 million people worldwide
– will have diabetes.1
The global market for diabetes care products
amounts to 353 billion Danish kroner, of
which Novo Nordisk products account for
approximately 27%. The market
has grown
by around 10% annually in the last decade,
and all indications are that it will continue to
grow as a result of the increasing number of
people with diabetes and the need for
better treatments. Of this global market,
insulin accounts for 56%, oral diabetes
products (tablet-based medications)
account
for 37% and GLP-1 products account for
7%, measured in value.

Obesity is known to be a major risk factor in
developing serious diseases such as type 2
diabetes and, as such, is a natural therapeutic
area for Novo Nordisk to enter. Obesity has
reached pandemic proportions, with more
than 600 million adults having clinical
obesity (defined as having a Body Mass
Index of 30 or above).2 However, currently
there are few pharmaceutical treatment
options available to treat obesity, and
reimbursement for these medications is
limited. The global pharmaceutical market
for obesity products currently amounts to
around 10 billion kroner.

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Glucagon-like peptide-1 (GLP-1) is produced by the gut and the brain in response to eating. GLP-1 interacts with
the pancreas to increase the amount of insulin in the body. It stimulates insulin secretion in the beta cells in the
pancreas and reduces glucagon in the alpha cells. It does so in a glucose-dependent manner, which helps lower
fasting and postprandial blood glucose. At the same time, GLP-1 increases feelings of satiety and reduces feelings
of hunger – leading to a reduction in food intake.

Delays or failure of pipeline products

Market risks

supply distributions

quality and product safety issues

IT risks

business ethics and lega risks

financial risks

market cap:927'680m

1y total return: 13,23%

dividend yield: 1,79%

beta: 1,19

EV/Sales 8.4

EV/EBITDA 17.3

EV/EBIT 18.3

P/E 26.3

Price to Book Value 19.7

ROA 50.7

ROE 79.9

42.02.16 Novo Nordisk A/S Tresiba Phase 3b Trial Results Corporate Call

27.08.15 calibrium llc:  Novo Nordisk  today announced that it has entered into a definitive agreement under which Novo  Nordisk  will acquire  Calibrium  LLC and  MB2  LLC, two privately held biopharmaceutical research companies based in Indiana, US.

Formed in 2013 and 2014, respectively, Calibrium  and  MB2  are focused on developing a portfolio of novel drug candidates for the treatment of diabetes and related metabolic diseases. The acquisition will expand Novo  Nordisk 's portfolio of projects and intellectual property rights within diabetes and obesity and provide a basis for expanding Novo Nordisk 's research presence in the US.

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Novo A/S: 7.94

Capital World Investors: 5.48

Capital International Investors: 2.73

23.02.16: Novo Nordisk A/S says trial with Tresiba met primary end-point.  Tresiba demonstrates significantly lower rate of hypoglycaemia than insulin glargine U100 in blinded phase 3b trial in people with type 1 diabetes.Says trial met primary end-point by demonstrating non-inferiority in rate of severe or blood glucose confirmed symptomatic hypoglycemia of Tresiba compared to insulin glargine.Says expect to initiate filing of data from switch trials with regulatory authorities in Q3 2016 with aim of updating label for Tresiba.

Approximately 41,000 employees (December 2015).
 

Approximately 42% of employees are located in Denmark (17,398) and 58% in the rest of the world (North America: 6,439, Japan & Korea: 1,119, China: 4,389, International Operations: 7,304, Europe: 4,473).
 

19% within research and development
32% in production and production administration
37% in international sales and marketing
12% in administration

Diabetes care 
Haemophilia
Growth hormone therapy
Obesity 
Hormone replacement therapy

Diabetes mellitus commonly referred to as diabetes, is a group of metabolic diseases in which there are highblood sugar levels over a prolonged period.

When we eat food, it isbroken down in glucose or sugar. Even though many health experts harp on not having too much sugar in the diet, you do need some glucose to help regulate your metabolism and give you energy. 

During digestion, glucose moves through the body through the bloodstream to feed your cells. To be able to transfer theBlood sugar into the cells, your body needs insulin, which is made by the Pancreas and released into the bloodstream. 

The problem happens when you have too much blood sugar in your body compared to the amount of insulin your pancreas is providing. If you're body is not making enough insulin to keep up with the amount of sugar in your bloodstream, or if your body is having trouble making insulin, the glucose in the blood remains there and causes your blood sugar levels to elevate. If it continues, even after monitoring your diet, you will develop diabetes.

Although there are three main types of diabetes, there is also a stage before diabetes called pre-diabetes. Pre-diabetes, also known as Impaired glucose tolerance is a condition where your Blood sugar level elevates to a level higher than the normal range for most people, but is still low enough not to be considered diabetes.  People who have pre-diabetes are at risk of developing Type 2 diabetes later in life if they do not monitor their condition carefully.
People who have been diagnosed with pre-diabetes can help keep from progressing to a full blown diagnosis of Type 2 diabetes by watching their weight, exercising and eating the right foods.

The first main type of diabetes is Type 1 diabetes, an Autoimmune disease where the pancreas produces very little insulin or no insulin at all. People who get Type 1 diabetes are usually under the age of 20, usually presenting itself when the person is a child or young adult.

Some scientists believe that Type 1 diabetes is a genetic condition where the cells of the Pancreas are attacked and then stop functioning. Others feel the disease may be caused by a virus that prompt the immune system to begin attacking the pancreas. 

Because the pancreas cells that produce Insulin are destroyed, people who develop Type 1 diabetes will have the disease for life and will need treatment in the form of insulin shots or an insulin pump.

In addition to insulin therapy, exercise and careful attention to diet is necessary to prevent fluctuations of blood sugar.

Type 2 diabetes is normally found in people who are overweight as they get older. Although it is sometimes called adult onset diabetes, in some country, such as the United States, more children and young adults are being diagnosed with Type 2 diabetes because they are not getting enough activity. 

About 90 percent of all cases of diabetes are Type 2 diabetes. The difference between Type 1 and Type 2 diabetes is that with Type 2 diabetes the pancreas does not produce enough insulin or the body does not properly use the it.

Type 2 diabetes is sometimes considered a lifestyle disease because it is normally triggered by living a fairly sedentary life, being overweight and not participating in exercise. However, age is a factor as well as heredity. If a parent or sibling develops Type 2 diabetes later in life, a person has greater chances to getting Type 2 diabetes as well.

The third main type of diabetes is gestational diabetes, which is a condition that women can get when they are in the second trimester of pregnancy.  About 4 percent of all pregnant women will develop gestational diabetes.  Unlike Type 1 and Type 2 diabetes, gestational diabetes will disappear after the baby is born.  
       
When a woman has an occurrence of gestational diabetes during pregnancy, she is more likely to have it again in the next pregnancy and puts the woman at a higher risk of developing Type 2 diabetes later in life.  The older a woman is when she is pregnant, the higher the risk of developing gestational diabetes during pregnancy.

There is an emerging global epidemic of diabetes that can be traced back to rapid increases in overweight, obesity and physical inactivity.

387 (only 50% diagnosed, 25% cared, 12,5% achieve targets, 6,25% no compllications) million people have diabetes and by 2035 expected to reach 592 million = one of the fastest growing threats.

Total deaths from diabetes are projected to rise by more than 50% in the next 10 years. Most notably, they are projected to increase by over 80% in upper-middle income countries.

Reports of type 2 diabetes in children - previously rare - have increased worldwide. In some countries, it accounts for almost half of newly diagnosed cases in children and adolescents.

In 2005, 1.1 million people died from diabetes. The full impact is much larger, because although people may live for years with diabetes, their cause of death is often recorded as heart diseases or kidney failure.

80% of diabetes deaths are now occurring in low- and middle-income countries.

Lack of awareness about diabetes, combined with insufficient access to health services, can lead to complications such as blindness, amputation and kidney failure.

Diabetes can be prevented. Thirty minutes of moderate-intensity physical activity on most days and a healthy diet can drastically reduce the risk of developing type 2 diabetes.

Haemophilia is a blood condition that means bleeding does not stop. The bleeding occurs because the blood does not clot.

Approx 500'000 people have ir. If you have hemophilia then the proteins in your blood that make scabs and blood clots are missing. ^[1]A person with a small cut or internal bleed (bruise) could bleed to death. They do not bleed more than a normal person, but they bleed for much longer. The word comes from the Greek words haima "blood" and philia "to love"^[2] To treat this, an affected person can get a blood donation from someone without hemophilia. The donor’s blood has the clotting proteins and can temporarily make a normal scab.

There are 3 types of haemophilia:

• Haemophilia A - about 90% of cases. There is no blood clotting ability.
• Haemophilia B - not as severe, but much less common. There is not enough blood clotting ability.
• Haemophilia C - caused by not one, but two recessive (weak) genes.

Haemophilia A happens in about 1 in 5,000–10,000 male births.^[5] Haemophilia B happens in about 1 in every 20,000–34,000 male births.

The main treatment for hemophilia is called replacement therapy. Concentrates of clotting factor VIII (for hemophilia A) or clotting factor IX (for hemophilia B) are slowly dripped or injected into a vein. These infusions help replace the clotting factor that's missing or low.

Clotting factor concentrates can be made from human blood. The blood is treated to prevent the spread of diseases, such as hepatitis. With the current methods of screening and treating donated blood, the risk of getting an infectious disease from human clotting factors is very small.

To further reduce the risk, you or your child can take clotting factor concentrates that aren't made from human blood. These are called recombinant clotting factors. Clotting factors are easy to store, mix, and use at home—it only takes about 15 minutes to receive the factor.

Synthetic human growth hormone was developed in 1985 and approved by the FDA for specific uses in children and adults. In children, HGH injections are approved for treating short stature of unknown cause as well as poor growth due to a number of medical causes, including:

• Turner's syndrome, a genetic disorder that affects a girl's development
• Prader-Willi syndrome, an uncommon genetic disorder causing poor muscle tone, low levels of sex hormones, and a constant feeling of hunger
• Chronic kidney insufficiency
• HGH deficiency or insufficiency
• Children born small for gestational age

In adults, approved uses of HGH include:

• Short bowel syndrome, a condition in which nutrients are not properly absorbed due to severe intestinal disease or the surgical removal of a large portion of the small intestine
• HGH deficiency due to rare pituitary tumors or their treatment
• Muscle-wasting disease associated with HIV/AIDS

Overweight and obesity are defined as "abnormal or excessive fat accumulation that may impair health

In 2008, more than 1.4 billion adults were overweight and more than half a billion were obese. At least 2.8 million people each year die as a result of being overweight or obese. The prevalence of obesity has nearly doubled between 1980 and 2008. Once associated with high-income countries, obesity is now also prevalent in low- and middle-income countries.

Childhood obesity is one of the most serious public health challenges of the 21st century. Overweight children are likely to become obese adults. They are more likely than non-overweight children to develop diabetes and cardiovascular diseases at a younger age, which in turn are associated with a higher chance of premature death and disability.

65% of the world's population live in a country where overweight and obesity kills more people than underweight. This includes all high-income and middle-income countries. Globally, 44% of diabetes, 23% of ischaemic heart disease and 7–41% of certain cancers are attributable to overweight and obesity.

HRT (also known as hormone therapy, menopausal hormone therapy, and estrogen replacement therapy) uses female hormones -- estrogenand progesterone -- to treat common symptoms of menopause and aging. Doctors can prescribe it during or after menopause.

After your period stops, your hormone levels fall, causing uncomfortable symptoms like hot flashes and vaginal dryness, and sometimes conditions like osteoporosis. HRT replaces hormones your body no longer makes. It’s the most effective treatment for menopause symptoms.

Q4: 28,876 million Danish kroner

Annual: 107,927 million Danish kroner = 15,811.3$ (0.146516 DKK/USD) = 14,463.22 EUR (0.91475 USD/EUR)