Debatforum

Lundbeck på vej tilbage med fin vækst i flere produkter handles til en PE på11. Det kan godt være markedet venter på told af medicin. Prisen er godt nok hel gal.

nogen der har en god forklaring på at det danske markedet næsten altid starter i grøn og ca. 1 time senere er vi i rød og det forsætter så og som regel forstærkes det når handlerne i USA går i gang omkring kl. 14.00 dansk tid er danske aktier bare så upopulærere World Wide ??? nogen der har en brugbar forklaring PS jeg ved godt vi har en del Pharma/Biotek og Trumpeten rasler med told men syntes det er en tendens over det sidste års tid og indeks nede med næsten 15 % det sidste år

Kommentar fra Per Hansen, investeringsøkonom, Nordnet Donald Trump fik det som han ville på Nato topmødet. Medlemslandene forpligter sig til at nå 5 % af BNP i forsvarsudgifter over tid, men et land har ikke sværget "Spectre ed" (som i James Bond film), og hvad betyder det for EU told på europæiske varer til USA? På Nato topmødet blev medlemslandene enige om at arbejde hen imod, at 5 % af BNP skal gå til forsvaret over tid (2035).. Det har hele tiden været Donald Trumps ide, at medlemslandene skulle bruge langt mere på forsvaret. Både så landene blev bedre i stand til at forsvare sig selv Men også og ikke mindst, at USA ikke skal betale for forsvaret af den frie verden i høj udstrækning. Når beslutningen om de 5 % over tid blev vedtaget, er det derfor en sejr for Donald Trump og hans oprindelige tanker fra dengang han var præsident for første gang. Ikke alle lande tilsluttede sig beslutningen Spanien skrev ikke under Spanien forpligtede sig ikke til en 5 % sats. Det skyldes: Der er generelt en modstand mod at bruge mange penge på forsvaret i Spanien. De opfatter truslen som mindre. Formentlig fordi der er en række lande mellem dem og Rusland (stødpuder). De har ikke pengene. Betyder det noget? Donald Trump er formentlig ikke tilfreds med Spaniens udmelding, og spørgsmålet er om Spanien og spansk økonomi skal have en negativ særbehandling, når det kommer til den toldsats og de toldforhandlinger, som inden længe har en deadline? EU har en økonomisk musketered. En USA told på et land er en told på alle lande, som kræver et samlet modsvar. Hvis der kommer en særtold på Spanien: Hvad vil EU så gøre? Kan EU blive tvunget til at indføre en særstatus for Spanien og/eller kommer de til at betale på en anden måde? 2 uger tilbage.. Om 2 uger er vi formentlig lidt klogere. Da bliver det 9/7, som aktuelt er den officielle deadline for told forhandlingerne. Den deadline kan dog nå at blive rykket.

Tesla har ingen data vedr. robotaxi'er - de startede jo igår med få biler, så data må nødvendigvis hentes fra dem har kørt længere tid. Gemini og chatgpt er enige i at Waymo forbedrer sikkerheden væsentligt. Nedenstående er fra chatgpt: Bilkabuler (kun materielle skader, ingen personskade) Waymo: NHTSA-registrerede hændelser: 632 rapporter mellem 2021 og 16. december 2024, hvoraf 398 fandt sted i 2024 alene De fleste disse er lavhastigheds­tudafbøder, hvor Waymo ofte ikke var ansvarlig, f.eks. ved bagendekollisioner Swiss Re-studiet (25,3 mio miles RO): Waymo havde 9 skadeskrav mod 78 forventede for menneskelige førere - et fald på 88 % Menneskelige chauffører: Benchmark: over 200 mia. miles, 78 property damage-krav per 25,3 mio miles - sammenligning baseret på Swiss Re-data Konklusion: Waymo har ca. 86-88 % færre materielle skader pr. mile sammenlignet med menneskelige førere. Ulykker med personskade Waymo: Swiss Re-studiet: 2 krav om personskade mod 26 forventede - en reduktion på 92 % . NHTSA NHTSA SGO-data (56,7 mio miles): Statistisk signifikant færre skader i samtlige typer - inkl. 96 % færre ved kryds, 91 % færre ved airbag-udløsning, og færre cyklist-, motorcykel- og fodgænger­ulykker . Nye data januar 2025: 56,7 mio miles omfattende - skadegivende uheld markant lavere; f.eks. 82 % færre cyklist/motorcykel­uheld, 92 % færre fodgænger­uheld . Konkret hændelse i feb 2025: En Waymo ramte en cyklist i SF - skadesomfang uoplyst Menneskelige chauffører: Benchmark: 26 personskadekrav pr. 25,3 mio miles Nationale tal: USA havde ca. 39.345 trafikdødsulykker i 2024 - omkring 1,2 mio dødsfald globalt vox.com . Konklusion: Waymo demonstrerer typisk 90 %+ færre personskadehændelser pr. mile. Al statistik fra slutningen af 2024 og begyndelsen af 2025 viser fortsat forbedret sikkerhed. Samlet 2024-2025-overblik Mindre materielle skader: -88 % vs. menneskelige førere Skader med personskade: -92 % vs. menneskelige førere Specifikke reduktioner: -96 % ved krydsulykker, -91 % ved airbaghyrde, -82 % færre cyklist/MC, -92 % færre fodgænger‑uheld Der har dog stadig været enkelte hændelser og en aktuel retssag med alvorlig personskade i februar 2025. Ikke desto mindre peger alle dataentydigt på, at Waymo udviser en markant lavere risiko end menneskelige chauffører - både for mindre skader og personskader.

Hvordan påvirker den geopolitiske uro i Mellemøsten de globale aktiemarkeder? Ugens afsnit af Investeringspodcasten dykker ned i investorernes reaktioner og markedets udvikling. I dette afsnit får du også: Seneste nyt om Novo Nordisk: Ny data og afbrudt samarbejde Indblik i Teslas robottaxi og hvad det kan betyde for aktien Læs Pers blog om Novo Nordisks nye data: https://proinvestor.com/boards/126925/ 00:00 Intro 00:47 Trump genskaber freden? 06:47 Hvad sker der med Tesla? 12:29 Fedmeaktier og told på medicin 16:23 Hvornår kommer tolden? 20:38 Novo Nordisk - ny data og afbrudt aftale https://www.youtube.com/watch?v=SqNvkwASO8I

Hvor er Anavex tråden, der kommer heller ikke besked når der kommer nye indlæg?

Kommentar fra Per Hansen, Investeringsøkonom, Nordnet Iran ville svare "passende" igen ved at angribe amerikanske interesser. Det gjorde de mandag på samme måde, som de tidligere har reageret. Der blev skudt missiler af, som formentlig blev skudt ned. Irans svar viser deres isolering og manglende kapacitet og villighed til at lægge sig ud med USA. Der var lagt op til et gengældesangreb mod USA. Det kom mandag, men det var et meget lille et af slagsen. Som tidligere var angrebet mest ment som noget der kunne bruges indenlands til sin egen befolkning for at demonstrere handlekraft og at vise, at præstestyret stadig har styr på tingene. I Iran er der formentlig kun sporadisk adgang til information og kun til udvalgte nyheder. Modangrebet var yderst pauvert, og investorerne reagerede ved at sende olieprisen markant ned, som det fremgår af figur 1. Investorerne tror ikke på, at Iran vil lukke Hormuzstrædet. Det giver heller ikke så meget mening, fordi det også vil pacificere deres egen livsnerve og indtægtskilde for den olie, som de ikke mindst sælger til Kina. Trump: Der er "uendelig våbenhvile" Donald Trump har natten til tirsdag lykønsked Iran og Israel med deres våbenhvile, som er "uendelig". Man kan spørge sig selv hvad formålet med angrebet fra amerikanernes side har været? Er atominstallationerne beskadigede i en sådan grad, at programmet er tilintetgjort? Det er et godt spørgsmål, som kun iranerne kan besvare. Hvad vil USA gøre nu. Deres mission er næppe tilendebragt? Er det endnu en af disse ideer, hvor USA og den amerikanske administration ikke har en langsigtet plan, men handler intuitivt på dag 1 for at vise styrke og så er videre til det næste? Der kan komme mere uro, men Spørgsmålet er om præstestyrets regeringstid lakker mod enden? Donald Trump er formentlig næppe til sinds trods alt hans impulsive handling, at lade styret slippe uden om at forpligte sig til ikke at berige uran. Hvis de ikke svarer bekræftende, kan der være mere pres i vente. Den største trussel er næppe i Mellemøsten Den største trussel fra Iran er ikke i Mellemøsten. Ej heller i Hormuzstrædet, men i stedet hvis der foretages enkeltstående terrorangreb rundt omkring i verden; ikke mindst i USA. I mellemtiden kan nedtællingen være begyndt til at præstestyret skal gøre sin stilling op: Skriv under på en atomaftale, eller tag flugten. Hvis det kommer til et regeringsskifte, kan det være en farlig færd for præsterne at forblive i offentligheden i Iran. Aktierne vender op På kort sigt ånder aktieinvestorerne lettede op. En hurdle er passeret og de amerikanske aktier er på rekordkurs. Næste hurdle er toldforhandlingerne, som jævnfør den oprindelige tidsplan skal være afsluttet om blot 2 uger med mindre der kommer en af de sædvanlige udskydelser? Her og nu er kamphandlingerne formentlig bragt til ophør, og det er det som olieprisens udvikling er et udtryk for Figur 1: Udviklingen i Brent crude, 1 uge Kilde: Nordnet [image: 126964_unnamed_2_.png]

Motion to dismiss. Defendants respectively request that AbbVie's Complaint be dismissed. Genmab har indsendt deres svar/modargumenter til retten i Seattle. Et 47 siders modsvar på Abbvies beskyldninger om at have stjålet trade secrets omkring deres påståede hemmelige linker. 126977_197111841311.pdf

Novo Nordisk A/S: Ozempic receives EU recommendation in peripheral arterial disease, cementing the broad benefits of semaglutide for people with type 2 diabetes and comorbidities Pending a decision from the European Commission, Ozempic (once-weekly semaglutide) will have the broadest approved label in the glucagon-like peptide-1 receptor agonist (GLP-1 RA) class, demonstrating improvements in blood sugar, weight, cardiovascular (CV) events, chronic kidney disease and peripheral arterial disease (PAD) functional outcomes1. Ozempic is the first and only glucose-lowering treatment with proven functional benefits in people with type 2 diabetes and PAD1. The positive opinion is based on results from the phase 3b STRIDE trial, which demonstrated an improvement in walking capacity in patients with type 2 diabetes and PAD1. Additional data from STRIDE and SOUL (CV outcomes with Rybelsus in type 2 diabetes) were presented today at the American Diabetes Association's (ADA) 85th Scientific Sessions2,3. Bagsværd, Denmark, 23 June 2025 - Novo Nordisk today announced that the European Medicines Agency's (EMA) Committee for Medicinal Products for Human Use (CHMP) has adopted a positive opinion for an update of the Ozempic (once-weekly semaglutide) label to reflect the positive data from the STRIDE peripheral artery disease (PAD) functional outcomes trial. STRIDE is the only dedicated PAD functional outcomes trial with a glucagon-like peptide-1 receptor agonist (GLP-1 RA). PAD is a manifestation of atherosclerotic cardiovascular disease (ASCVD) where a build-up of fatty deposits in the artery walls restricts blood supply to muscles, which can cause debilitating symptoms, physical limitations and poor quality of life4. "People living with type 2 diabetes face multiple cardiometabolic challenges, yet there is a lack of treatments that address the full disease spectrum," said Ludovic Helfgott, executive vice president, Product & Portfolio Strategy at Novo Nordisk. "Pending a decision from the European Commission, a STRIDE label update would complete the picture for Ozempic, making it the only GLP-1 RA to have proven risk reduction of cardiovascular death, heart attack, stroke, major kidney events and improvement in functional walking capacity in people with type 2 diabetes. Coupled with its extensive real-world evidence, Ozempic offers best-in-class benefits for people living with type 2 diabetes and its comorbidities, helping to treat today's disease, while potentially reducing future complications." Following the positive opinion from the CHMP, Novo Nordisk expects the European Commission to implement the label update within approximately two months. Novo Nordisk has also filed for a label expansion of Ozempic in the US, and a decision is expected in last quarter of 2025. Based on data from the SOUL trial, Novo Nordisk has also filed for a label expansion for Rybelsus with the EMA and FDA. This could potentially make Rybelsus the first and only oral GLP-1 RA with proven cardiovascular (CV) benefits. A decision is also expected in the second half of 2025. At the American Diabetes Association's (ADA) 85th Scientific Sessions, secondary data from the STRIDE, SOUL and FLOW semaglutide trials were presented: STRIDE: Secondary results showed that once-weekly semaglutide 1.0 mg consistently improved maximum walking distance in people with type 2 diabetes with symptomatic PAD compared to placebo, regardless of their type 2 diabetes characteristics2. SOUL: Secondary results showed that the CV benefits of oral semaglutide in people with type 2 diabetes and CV disease (CVD) and/or chronic kidney disease (CKD) appeared more pronounced in people with higher HbA1c levels at baseline. CV benefits were consistent across BMI categories3. FLOW: Secondary results showed that the CKD benefits of once-weekly semaglutide 1.0 mg in people with type 2 diabetes, and regardless of baseline BMI, did not seem to be explained by change in body weight5. An additional analysis demonstrated that adding semaglutide to standard of care was projected to be highly cost-effective over the longer term in people with type 2 diabetes and CKD in Denmark6. These results add to the body of evidence that supports semaglutide use across a spectrum of CV and metabolic conditions, including type 2 diabetes and CKD7, metabolic dysfunction-associated steatohepatitis (MASH)8, obesity and heart failure with preserved ejection fraction (HFpEF) with and without type 2 diabetes9-12. They also add to the well-established safety profile of semaglutide, with more than 33 million patient-years of exposure across indications since its launch in 201813. About STRIDE STRIDE is a double-blind, randomised, placebo-controlled phase 3b clinical trial assessing the benefit of once-weekly injectable semaglutide 1.0 mg, marketed as Ozempic, on functional capacity. The trial enrolled 792 participants with type 2 diabetes and symptomatic PAD with walking-induced leg pain. The primary endpoint was maximum walking distance on a constant load treadmill for people treated with semaglutide compared to placebo at Week 521. STRIDE is the only dedicated PAD functional outcomes trial with a GLP-1 RA. The STRIDE trial achieved its primary endpoint, with semaglutide 1.0 mg demonstrating a superior and clinically meaningful improvement of 13% in maximum walking distance and a mean treatment difference of 39.9 meters on a steep (12%) incline, compared to placebo at Week 521. About SOUL SOUL was a multicentre, international, randomised, double-blind, parallel-group, placebo-controlled, phase 3 CV outcomes trial with 9,650 participants enrolled. It was conducted to assess the effect of oral semaglutide vs placebo on CV outcomes in people with type 2 diabetes and established CVD and/or CKD. The SOUL trial was initiated in 2019. The key objective of SOUL was to demonstrate that oral semaglutide lowers the risk of major adverse CV events (MACE; a composite endpoint consisting of CV death, non-fatal myocardial infarction and non-fatal stroke) compared to placebo, when both added to standard of care in patients with type 2 diabetes and established CVD and/or CKD14. The SOUL trial demonstrated a significant 14% risk reduction compared to placebo in MACE in adults with type 2 diabetes and CVD and/or CKD, making Rybelsus (oral semaglutide) the first and only oral GLP-1 RA with proven CV benefit15. About FLOW FLOW was a randomised, double-blind, parallel-grouped, placebo-controlled, superiority trial comparing injectable semaglutide 1.0 mg with placebo as an adjunct to standard of care. The trial assessed the effect of the treatments on kidney outcomes for prevention of progression of kidney disease and risk of kidney and CV mortality in people with type 2 diabetes and CKD (defined as estimated glomerular filtration rate [eGFR] ≥50 and ≤75 mL/min/1.73 m2 with urine albumin-to-creatinine ratio [UACR] >300 and <5,000 mg/g or eGFR ≥25 and <50 mL/min/1.73 m2 with UACR >100 and <5,000 mg/g). A total of 3,533 people were enrolled in the trial, which was conducted in 28 countries at around 400 investigator sites7. The key objective of the FLOW trial was to demonstrate delay in progression of CKD and to lower the risk of kidney and CV mortality through a composite primary endpoint consisting of the following five components: onset of persistent ≥50% reduction in eGFR according to the CKD-Epidemiology Collaboration (EPI) equation compared with baseline; onset of persistent eGFR (CKD-EPI) <15 mL/min/1.73 m2; initiation of chronic kidney replacement therapy (dialysis or kidney transplantation); death from kidney disease; or death from CVD. Confirmatory secondary endpoints included annual rate of change in eGFR (CKD-EPI), MACE (including non-fatal myocardial infarction, non-fatal stroke and CV death) and all-cause mortality7. The FLOW trial demonstrated a statistically significant and superior 24% risk reduction in kidney disease progression, and a reduction in MACE and all-cause mortality in those treated with semaglutide 1.0 mg vs placebo7. About PAD Lower extremity PAD is a severe form of ASCVD that is under-screened, under-diagnosed and impacts approximately 230 million people globally16. The classical symptom is intermittent claudication, associated with limited walking ability and poor health-related quality of life4. Type 2 diabetes is one of the leading risk factors for PAD; nearly one in three people with PAD has type 2 diabetes17. While anti-atherosclerotic therapies and lifestyle changes are recommended, there are no effective therapies to specifically improve functional outcomes in PAD and type 2 diabetes18. About Ozempic Ozempic (semaglutide) injection 0.25 mg, 0.5 mg, 1.0 mg or 2.0 mg is a once-weekly GLP-1 RA indicated, along with diet and exercise, to improve blood sugar (glucose) in adults with type 2 diabetes and to reduce the risk of major CV events such as heart attack, stroke or death in adults with type 2 diabetes mellitus with known heart disease19,20. Ozempic is the only GLP-1 RA indicated to reduce the risk of worsening kidney disease and risk of death from CV events in adults with type 2 diabetes and CKD20. Ozempic is currently marketed in 72 countries, and 7 million people with type 2 diabetes are currently being treated with Ozempic worldwide21. About Rybelsus Rybelsus (oral semaglutide) is a GLP-1 RA indicated for the treatment of adults with insufficiently controlled type 2 diabetes mellitus to improve glycaemic control as an adjunct to diet and exercise22,23. Rybelsus is administered once daily and is approved for use in three therapeutic dosages: 3 mg, 7 mg and 14 mg24,25. Rybelsus offers superior blood glucose lowering vs Januvia and Jardiance24,25, together with consistent weight reduction24-26 and reduction in cardiometabolic risk factors26. Rybelsus is currently commercially marketed in 45 countries. More than 2.1 million people with type 2 diabetes are currently being treated with Rybelsus worldwide21. Contacts for further information Media: Ambre James-Brown +45 3079 9289 [email protected] Liz Skrbkova (US) +1 609 917 0632 [email protected]

AI opsamling redigeret og fakta tjekket af redaktør Helge Larsen, Proinvestor.com: Ifølge en artikel fra Stat News dateret 23. juni 2025, præsenterede Eli Lilly resultater fra en fase 2-studie (BELIEVE-studiet) ved American Diabetes Association-mødet. Studiet undersøgte kombinationen af Novo Nordisks Wegovy (semaglutide) og Eli Lillys bimagrumab hos patienter med fedme. De vigtigste resultater er som følger: Vægttab: Patienter, der fik den højeste dosis af kombinationen Wegovy og bimagrumab, tabte 22% af deres kropsvægt efter 72 uger, sammenlignet med 16% for dem, der kun fik Wegovy. Af vægttabet i kombinationsgruppen var 92,8% fedtmasse, mens det for Wegovy alene var 71,8% fedtmasse, hvilket indikerer, at bimagrumab hjælper med at bevare muskelmasse. Visceralt fedt: Kombinationsbehandlingen reducerede visceralt fedt (det farlige mavefedt) med anslået 58%, sammenlignet med 36% for Wegovy alene. Muskelbevarelse: Bimagrumab, som hæmmer myostatin-proteinet, bidrog til at bevare lean muskelmasse, hvilket er en bekymring ved vægttabsbehandlinger som GLP-1-agonister (f.eks. Wegovy), da disse ofte fører til tab af både fedt og muskler. Konklusion Studiet viser, at bimagrumab, når det bruges sammen med Wegovy, forbedrer vægttab og bevarer muskelmasse, hvilket kan gøre det til en lovende kombinationsbehandling for fedme. https://www.statnews.com/2025/06/23/bimagrumab-eli-lilly-study-results-wegovy-lean-muscle-mass-fat-weight-loss/ (Eli Lilly erhvervede rettighederne til Bimagrumab gennem købet af Versanis Bio i juli 2023 for næsten 2 milliarder dollars. Versanis Bio havde fokus på bimagrumab som en potentiel behandling til at bevare muskelmasse under vægttab).

Jeg bad gemini beregne indtjeningen for robotaxi'er ud fra Tesla model Y. Det gav følgende: Det er en god idé at se på amerikanske storbyer, da det er her, robotaxier som Waymo og Cruise (og potentielt Tesla) primært testes og udrulles. Omkostningerne og potentielle indtægter vil variere betydeligt fra København. Lad os lave de tilsvarende beregninger for en typisk storby i USA, f.eks. Los Angeles eller San Francisco, som er områder med højere omkostninger og potentielt højere indtjening for taxitjenester. Vi vil bruge gennemsnitlige amerikanske tal, men specificere hvor der er store forskelle for specifikke byer. Omkostninger ved at drive en Tesla Model Y per mile (estimater for amerikanske storbyer) Vi skifter til miles, da det er standard i USA. 1 mile = 1.60934 kilometer Elektricitet (brændstof): ============================== Forbrug: En Tesla Model Y har et gennemsnitligt forbrug på omkring 28 kWh/100 miles (0.28 kWh/mile). Pris: Elpriser varierer meget i USA. Californien (f.eks. Los Angeles/San Francisco): Omkring $0.32 - $0.35/kWh (højere end landsgennemsnittet). US Gennemsnit (residence): Omkring $0.17/kWh (marts 2025). Kommercielle priser er generelt lavere, men det kan være svært at fastsætte en enkelt pris for en opladningsflåde. Lad os bruge $0.25/kWh som et realistisk gennemsnit for kommerciel opladning i en storby. Omkostning per mile: 0.28 kWh/mile * $0.25/kWh = $0.07/mile Dæk: =============================== Tesla Model Y dæk koster ca. $425-$580 per dæk. Et sæt (fire dæk) er omkring $1.700 - $2.320. Levetid: 25.000 - 30.000 miles (typisk lavere for Teslaer pga. vægt og drejningsmoment). Lad os antage 27.500 miles. Omkostning per mile: $2.000 (gennemsnit) / 27.500 miles = $0.073/mile Forsikring: ============================== Gennemsnitlig årlig fuld dækning for en Tesla Model Y i USA er ca. $3.838 per år. I storbyer med højere kriminalitet eller ulykkesrater (som LA eller San Francisco) kan det være højere. Hvis en robotaxi kører 100.000 miles (ca. 160.000 km) om året. Omkostning per mile: $3.838 / 100.000 miles = $0.038/mile Vedligeholdelse (ud over dæk): ================================= Estimater for Tesla Model Y årlige vedligeholdelsesomkostninger ligger på omkring $316-$643. Lad os bruge $450 per år. Omkostning per mile: $450 / 100.000 miles = $0.0045/mile (meget lav, som forventet for EV) Afskrivning (værditab): ================================= En ny Tesla Model Y (2025) koster typisk fra $45.000 - $55.000. Lad os bruge en gennemsnitlig nypris på $50.000. Tesla Model Y kan afskrive 60% efter 5 år, med en forventet levetid for en robotaxi på 150.000 - 200.000 miles. Hvis vi antager et samlet værditab på $30.000 over 150.000 miles: Omkostning per mile: $30.000 / 150.000 miles = $0.20/mile Samlede driftsomkostninger per mile (uden chauffør): Elektricitet: $0.070/mile Dæk: $0.073/mile Forsikring: $0.038/mile Vedligeholdelse: $0.0045/mile Afskrivning: $0.200/mile TOTAL: ca. $0.3855/mile Indtjening for en robotaxi i amerikanske storbyer (med 40% tomkørsel) Antagelse: Bilen kører 100.000 miles om året totalt. Antal miles med kunder: 100.000 miles * (1 - 0.40) = 60.000 miles med kunder Antal miles tomkørsel: 40.000 miles Samlede årlige omkostninger for bilen: 100.000 miles * $0.3855/mile = $38.550 per år Sammenligning med traditionel taxa i USA: Traditionelle taxaer i store amerikanske byer har typisk priser, der spænder fra $2.50 til $4.00 per mile, med et startgebyr på $2.50-$5.00. Chaufførløn er den største omkostning for traditionelle taxaer, ofte 50-60% af de samlede driftsomkostninger. En rapport fra 2019 anslår chaufførløn til at være omkring $15/time, hvilket ved 20 mph (typisk byhastighed) svarer til $0.75/mile. For traditionelle taxier kan de samlede driftsomkostninger (inkl. chauffør) være op til $1.50 - $2.50 per mile. Scenarie 1: Robotaxi pris er $1.50/mile (meget konkurrencedygtig) Årlig indtægt fra kunder: 60.000 miles * $1.50/mile = $90.000 Årlige omkostninger: $38.550 Årligt overskud per bil: $90.000 - $38.550 = $51.450 Scenarie 2: Robotaxi pris er $2.50/mile (konkurrerende med lavere ende af traditionel taxa) Årlig indtægt fra kunder: 60.000 miles * $2.50/mile = $150.000 Årlige omkostninger: $38.550 Årligt overskud per bil: $150.000 - $38.550 = $111.450 Scenarie 3: Robotaxi pris er $3.50/mile (konkurrerende med midter- til højere ende af traditionel taxa) Årlig indtægt fra kunder: 60.000 miles * $3.50/mile = $210.000 Årlige omkostninger: $38.550 Årligt overskud per bil: $210.000 - $38.550 = $171.450 Sammenligning og Konklusion for USA: Omkostninger per kilometer/mile: Omkostningerne per mile for at drive en Tesla Model Y robotaxi i USA ($0.3855/mile) er generelt højere end i Danmark (omregnet DKK 1.475/km * 1.609 km/mile = DKK 2.37/mile, svarende til ca. $0.34/mile ved kurs 6.9 DKK/USD), primært drevet af højere priser for forsikring og el i visse stater. Indtægtsforskelle: Den store forskel ligger i indtægterne per mile. Taxapriserne i store amerikanske byer er markant højere end i København. Dette betyder, at selvom driftsomkostningerne er lidt højere, er potentialet for overskud per bil også væsentligt større. Robotaxiers Konkurrenceevne: Robotaxier har potentiale til at være markant billigere for forbrugerne end traditionelle taxier i USA, samtidig med at de bevarer en høj rentabilitet for operatøren. Elon Musk har endda talt om driftsomkostninger så lave som 12 cent per kilometer (ca. 20 cent per mile) for Tesla's robotaxier, hvilket er endnu lavere end vores beregninger. Dette skyldes sandsynligvis en kombination af meget høj udnyttelsesgrad og lavere afskrivning/vedligeholdelse over bilens levetid, da Tesla forventer, at deres robotaxier holder meget længere. Skalerbarhed: Den høje potentielle indtjening per bil i USA gør det meget attraktivt for virksomheder som Tesla at skalere deres robotaxiflåder. Disse beregninger er forenklinger og gennemsnit. Reelle tal vil afhænge af den specifikke by (f.eks. er San Francisco generelt dyrere end Los Angeles for mange omkostningskategorier), præcise forsikringsaftaler for flåder, dækaftaler, elprisaftaler, og ikke mindst, hvor hurtigt teknologien modnes og opnår høj udnyttelsesgrad med lav tomkørsel.

Kommentar fra Per Hansen, Investeringsøkonom, Nordnet Irans atomanlæg blev angrebet lørdag af amerikanerne, som er de eneste i verden som har "buster bomber". Iran vil svare igen og måske lukke Hormuz Strædet. Kortsigtet kan det give økonomisk usikkerhed, stigende oliepriser og aktiekursfald, men er det blot noget som varer få dage? USA angreb lørdag 3 atomare installationer med 14 buster bomber De har til formål at tinintetgøre atomanlæg og skal forhindre, at Iran kan berige uran og lave atombomber Iran har svaret igen med at sende missiler ind over Israel Det er realistisk, at trafikken med missiler og droner mod Iran/Israel fortsætter. I hvert fald kortsigtet. Lukning af Hormuzstrædet Det iranske parlament har angiveligt godkendt lukning af Hormuzstrædet. Det har en betydning for anslået 20 % af den globale trafik af olie, som sendes ud globalt igennem dette stræde. Uro giver olieprisstigninger Konsekvenserne af 1)USAs angreb og 2)lukning af Hormuz strædet har fået oliepriserne til at stige med yderligere 2-3 % her til morgen. Stigningerne er dog mindre/afmålte, og de signalerer endnu ikke en markant frygt for en større eskalering i regionen. Hvis der kommer en markant eskalering er 5-10 USD yderligere stigning ikke urealistisk. Aktierne falder på økonomisk usikkerhed Mens investorer reagerer på usikkerheden ved at sende oliepriser op, bliver aktierne sendt den modsatte vej, ned. USD er lettere styrket, men der er ikke tale om en større bevægelse. Store og hurtige olieprisstigninger øger risikopræmien og rammer den globale økonomi på et tidspunkt præget af økonomisk usikkerhed samtidig med Donald Trumps toldpolitik. Den naturlige konsekvens er at aktierne ligger ud med fald mandag fra morgenstunden. De indikerede fald er dog meget moderate. Ingen større tegn på risikoeskalering i aktiemarkederne I USA indikeres aktierne til et fald på ca. 0,3-0,4 % %. I Europa og i Danmark vil et indledende kursfald i størrelsesorden 0,5 % på indeksniveau være "naturligt". Er lukning af Hormuz strædet både naturlig og økonomisk selvmord? Det er på den ene side naturligt, at Iran overvejer at lukke den globale transitvej for olie for at presse den frie verden mest muligt. På den anden side får Iran formentlig ikke selv nogen større økonomisk vinding ud af lukke trafikken. Iran skal selv have sine egne skibe ud af området, formentlig for at opfylde de kontrakter de har med salg til fortrinsvis Indien og Kina. Olien er Irans økonomiske livsnerve som eksportindtægt. Iran har få venner Alle holder vejret og de fleste er nervøse. En række OPEC lande vil på den ene side erklære deres modstand mod angreb på Iran. Samtidig er de også nervøse for at/hvis Iran får atomvåben. Opbakningen til Iran er yderst sporadisk. Efter at Syrien "faldt", har Iran mistet sin eneste meget store allierede, som reelt kun tæller Houthi bevægelsen i Yemen. Derfor er Rusland "passive" Nogle vil måske undre sig over, at Rusland forholder sig passive i konflikten på trods af at Iran har leveret masser af droner til Rusland. Det skyldes forventlig at en betydelig del af Israels befolkning er jøder udvandret fra Rusland. Samtidig vil Rusland være tilbageholdende, hvis/når USA er en af parterne. Kortsigtet bliver det dyrere at tanke De danske bilister kommer i denne uge yderligere til at mærke, at de globale råoliepriser er steget over de seneste 2-3 uger. Prisstigninger slår igennem med en vis forsinkelse på standeren. Hvis de nuværende råolieprisstigninger, som vi har set over de seneste uger viser sig mere varige, vil en samlet stigning den seneste måned alt i alt kunne på op til 1,5 kroner per liter brændstof; afhænig af type. Forbrugerpriserne er allerede steget en hel del, som det fremgår af udviklingen i vejledende priser den seneste måned hos Q8 Kort eller lang sigts uro? Geopolitiske spændinger er ikke uvante. De plejer at være intense og vare relativ kort. Tidshorisonten på de finansielle markeder er normalt kortere end i den "reale økonomi". Eskalerer situationen yderligere, kan uroen trække ud; olieprisstigninger være længerevarnde og aktiekursfald mere end blot en enkelt eller 2 dages hændelser. Meget afhænger af om USA for alvor bliver trukket fuld scala med ind i Iran/Israel krigen. Hvis Iran angriber "amerikanske interesser" vil usikkerheden, nervøsiteten og aktiekursfald fortsætte. I modsat fald vil usikkeheden højest sandsynligt meget hurtigt kulminere. Måske allerede i løbet af denne uge. Bagsiden er usikkerheden er muligheden for at Tvinge Iran til forhandlingsbordet. Gennemtvinge et iransk regimeskifte. Få investorerne til at fokusere på tiden efter afslutningen af Iran som destabiliserede faktor i Mellemøsten. Figur 1: Udviklingen i vejlende brændstofpriser for forskellige produkter, 1 måned Kilde: https://www.q8.dk/priser/ (Klik på billedet for at forstørre) [image: 126926_unnamed_1_.png]

Novo Nordisk har i weekenden fremlagt rigtig gode data inden for fedme og vægttabsmedicin på American Diabetes Association-konference i Chicago. Desværre er det ikke noget, der afspejler sig i aktiekursen - tværtimod. I denne special gennemgår Helge Larsen hovedpunkterne fra de data, Novo fremlagde, og giver et bud på, hvorfor kursreaktionen er så tynd. Denne video er ikke en anbefaling om køb eller salg af aktier. Helge Larsen har aktier i Novo Nordisk. https://www.youtube.com/watch?v=Zqnx3dLVYIY&t=131s

Kommentar fra Per Hansen, Investeringsøkonom, Nordnet Novo Nordisk falder med 6,5 %. Det er alt andet lige, en meget mærkelig kursbevægelse Novo Nordisk fremlagde solide vægttabsdata på ADA i Chicago Mest opsigtvækkende var formentlig vægttabet på Amycretin - (GLP-1/Amylin) med 24 % vægttab over 36 uger Fra handelsstart faldt aktien med 2,5 %, hvilket i sig selv var en anelse overraskende. Efter annoncering af at Novo Nordisk ophæver samarbejdet med Hims and Hers, mere end fordobles den nedtur. Novo Nordisk siger selv at partnerskabet bringes til ophør, for HH fortsat sælger kopier. Det er kun tilladt, hvis et produkt er i restordre. Det er Wegovy ikke længere, og derfor er kopier ikke længere tilladte at sælge i USA. HH falder med 25 % i formarkedet Er markedet fyldt med kopister? Den indledende nedtur på 2,5 % var lidt overraskende. At den nedtur hen over dagen er blevet mere end fordoblet efter ophør af samarbejdet med HH er noget overraskede. Det skyldes nok ikke alene ophør af samarbejdet, men formentlig, at hvis HH sælger kopier, er der også en risiko for at andre gør det. I så fald kan det tænkes at få en indflydelse på hvor meget Novo Nordisk har haft gang i receptblokken i 2. kvartal i USA, og at der er et betydelig kopisalg i markede

On The Pen - Newslewtter Jun 23 "We're knee-deep in ADA 85 coverage, but Lilly just did something they rarely do. They held a special investor event during the conference. And if you've been following the GLP-1 space closely, this wasn't about surprising us with new molecules. It was about signaling to Wall Street that Lilly is building for the long game, and laying out the clearest roadmap yet for what happens next with orforglipron, retatrutide, eloralintide, and bimagrumab. If you missed the call, here's what actually mattered. Orforglipron is still on track for obesity filing this year ACHIEVE-1 confirmed what most of us already expected. Orforglipron, Lilly's once-daily oral GLP-1, delivered a 1.6%ent A1C reduction and just under 8% body weight loss over 40 weeks in people with type 2 diabetes. That puts it on par with early SURPASS numbers and sets the stage for ATTAIN-1, which will show the weight loss side in people without diabetes. Those results are expected later this quarter. The call reaffirmed that Lilly plans to file for obesity first, with type 2 diabetes following in 2026. The delay isn't strategic, it's because the diabetes guidance requires 24 months of exposure versus 18 for obesity. They also mentioned ongoing trials looking at orforglipron in maintenance dosing, obstructive sleep apnea, and hypertension. And they made a point to emphasize that orforglipron uses a separate manufacturing footprint, doesn't require cold chain, and won't pull supply from injectables. They're clearly positioning it as the scalable option for global reach. GI side effects weren't out of bounds Lilly addressed the diarrhea concerns directly. Rates were highest in India and China, lowest in Japan, and midrange in the U.S. They chalked it up to geographic and dietary differences. At the highest dose, fewer than 6 percent of patients discontinued due to GI issues. That's lower than what's been reported in many GLP-1 trials. There were no Hy's Law cases, and liver enzymes remained stable, even among people who entered the trial with transaminase levels up to five times the upper limit of normal. Lilly wanted to be clear on this point: they are not seeing signs of hepatotoxicity. Retatrutide is still being framed as the next tier for high-BMI patients We didn't get new data on retatrutide, but Lilly spent a good chunk of time on how they're positioning it. They reminded investors that tirzepatide is becoming foundational, but retatrutide is built for people who don't hit their goals on tirz alone, especially those with BMI over 35. The first Phase 3 trial to read out will be TRIUMPH-4, which is focused on osteoarthritis pain. It's a short study and not optimized for weight loss readout. TRIUMPH-1 is the one to watch if you're looking for max efficacy signals. They also reiterated that retatrutide's trial design allows for simultaneous approval in obesity, sleep apnea, and osteoarthritis, depending on how the data land. Eloralintide data show real weight loss with low nausea Eloralintide, the selective amylin receptor agonist, led to up to 11.3 percent weight loss in 12 weeks in people without diabetes. One dose level saw nearly 9% loss with no nausea or vomiting at all. It's a once-weekly injection, and Lilly emphasized that the GI tolerability may be better than dual amylin-calcitonin agonists like cagrilintide. Phase 2 trials are underway testing eloralintide on its own and in combination with tirzepatide. The first of those will read out later this year. Bimagrumab is being tested with tirzepatide in subcutaneous form Bimagrumab, which blocks activin and myostatin pathways, is in Phase 2. The BELIEVE study tested it with semaglutide as an IV infusion. The plan now is to move to once-weekly subcutaneous dosing and pair it with tirzepatide. Lilly's framing bimagrumab as an orthogonal mechanism that could drive healthier weight loss, burning fat while preserving or increasing muscle mass. The company called out older adults and people with heart failure as possible use cases. We'll get more from the BELIEVE data later this week. SURPASS-CVOT still expected Q3, with data locked by EASD They haven't seen the data yet, but confirmed it will be ready in time for the already-announced EASD symposium. They reiterated the design: a head-to-head trial comparing tirzepatide to dulaglutide, both delivered via identical auto-injectors to keep blinding intact. The FDA's non-inferiority margin is set at 1.05, and Lilly said that a hazard ratio of 0.9 or better should meet the bar for superiority. They were clear that even non-inferiority would be enough to get a cardiovascular indication, and that dulaglutide already has CV risk reduction baked in from REWIND. If tirz beats dulaglutide, that's a major statement for the entire class. On affordability, they said nothing, but signaled everything When asked directly how they plan to launch orforglipron without cannibalizing Mounjaro and Zepbound, Lilly didn't answer. But they gave hints. They talked about positioning orforglipron earlier in the treatment continuum. They pointed out the separate manufacturing. They mentioned employers and payers will eventually realize they're already paying for obesity, just through hospitalizations and ER visits instead of medication. All signs point to orforglipron being priced for scale. But the only price that matters is the one people pay at the pharmacy counter. That piece is still unknown. Bottom line This wasn't a science presentation. It was a signal to investors that Lilly intends to lead this space all the way through the decade. They're not replacing tirzepatide. They're building around it. Orforglipron for scale. Retatrutide for the ceiling. Eloralintide for tolerability. Bimagrumab for composition. And tirzepatide at the center". 2025 David Knapp On The Pen, PO Box 541, Cedar Falls, IA 50613 https://www.onthepen.com/

Kommentar fra Per Hansen, Investeringsøkonom, Nordnet Novo Nordisk har på ADA konferencen i Chicago fremlagt en stribe overbevisende datasæt. Over tid er det sandsynligt, at investorerne igen vil se Novo Nordisk som en meget stærk aktør indenfor vægttabsmedcin, men "Rom blev ikke bygget på en dag" og genopbygningen af investortilliden kan tage tid. Gode Wegovy, Amycretin og CagriSema data Novo Nordisk har i Chicago præsenteret bl.a. 3 studier med nye/opfølgende data, som samlet viser en bredt funderet og stærk position indenfor vægttabsmedicin: Wegovy Step up studiet hvor dosering blev øget fra fra 2,4 - 7,2 Milligram. Gennemsnitligt vægttab på 20,7 % ⅓ oplevede et vægttab på mere end 25 % Halvdenen af forsøget oplevede et vægttab på mere end 20 % Det vil investorerne fokusere mest på: God effekt af stigende dosering Amycretin - GLP1/Amylin - Data over 36 uger Vægttab Dosis Varighed 24 % 60 milligram 36 uger 22,2 % 20 milligram 36 uger 16,2% 5 milligram 28 uger 9,7 % 1,25 milligram 20 uger Mindre doseringeffekt Formentlig en større "varighedseffekt" arighed i forhold til doseringseffekt er formentlig godt for bivirkningsprofilen Det vil investorerne fokusere mest på: En god varighedseffekt og imponerende vægttab på 24 % ved højeste dosering på 36 uger. CagriSema - opfølgende studie - Redifine 1 OplevetVægttab Antal Mere end 5 % 97,6 % Mere end 20 % 60,2 % Mere end 25 % 40,4 % Mere end 30 % 23,1 % Det vil investorerne fokusere mest på: Imponerende vægttab på 25 % eller mere for 40,4 %. Testresultater viser den reelle styrke i CagriSema Stærke resultater men ting tager tid Novo Nordisk har præsenteret stærke data i Chicago. Især Amycretin imponerer med et betydeligt vægttab over 36 uger. Nye data fra Wegovy, Amycretin og CagriSema viser, at der både kan være en doserings, varigheds- og "administrationseffekt" når det kommer til det mulige vægttab. Konkurrencen med Eli Lilly intensiveres. Novo Nodisk har leveret 3 stærke datasæt. På samme måde er der også andre virksomheder som fremlægger stærke tal. Eli Lilly er aktive både med deres Amylin analog Eloralintid men også med deres GLP1, Orforglipron i pilleform. Kampen om at have de bedste data er hård. Novo Nordisk først med Wegovy tablet Uanset den endelige bedømmelse rokker data ikke ved, at Novo Nordisk kommer først på markedet med sin tablet "Wegovy i pilleform". Det er et par måneder siden Novo Nordisk bekræftede, at de havde indsendt deres ansøgning til FDA, hvorimod Eli Lilly stadig mangler at indsende deres. Det handler om styrke i bredde og dybde Rom blev ikke bygget på en dag og på samme måde kan Novo Nordisk på kort sigt næppe overbevise investorerne om at de med sikkerhed har generobet scenen som det dominerende selskab indenfor vægttab, selskabet med det stærkeste bagkatalog (positive sideeffekter) og bredt repræsenteret indenfor GLP, Amylin og kombinationsprodukter. Men fremlæggelsen i weekenden bør have gjort indtryk på investorerne. Mandag fra morgenstunden er vi lidt klogere.. Figur 1: Kursudvikling, 1 år, Novo Nordisk, ADR vs Eli Lilly Kilde: Nordnet [image: 126925_unnamed.png]

Lilly's oral GLP-1, orforglipron, showed compelling efficacy and a safety profile consistent with injectable GLP-1 medicines, in complete Phase 3 results published in The New England Journal of Medicine The investigational once-daily pill lowered A1C by an average of 1.3% to 1.6% across doses, with improvements seen as early as four weeks, in adults with type 2 diabetes In ACHIEVE-1, orforglipron also led to an average weight loss of 16.0 lbs (7.9%) at the highest dose by week 40 in a key secondary endpoint The safety profile of orforglipron was consistent with the established GLP-1 class INDIANAPOLIS, June 21, 2025 /PRNewswire/ -- Eli Lilly and Company (NYSE: LLY) today announced detailed results from ACHIEVE-1, a Phase 3 trial evaluating the safety and efficacy of orforglipron compared to placebo in adults with type 2 diabetes and inadequate glycemic control with diet and exercise alone. Orforglipron is the first oral small molecule (non-peptide) glucagon-like peptide-1 (GLP-1) receptor agonist, taken without food and water restrictions, to successfully complete a Phase 3 trial. At 40 weeks, all three doses (3 mg, 12 mg, 36 mg) of orforglipron achieved the primary endpoint of superior A1C reduction. In addition, the 12 mg and 36 mg doses showed clinically meaningful and statistically significant reductions in body weight vs. placebo. In the study, orforglipron had a safety profile similar to the established GLP-1 class, and the most frequently reported adverse events were gastrointestinal-related. The results were presented at the American Diabetes Association (ADA) 85th Scientific Sessions 2025 and simultaneously published in The New England Journal of Medicine. In the study, orforglipron met the primary endpoint of superior A1C reduction compared to placebo at 40 weeks, lowering A1C by 1.3% to 1.6% from a baseline of 8.0%, for the efficacy estimand.1 In key secondary endpoints, up to 76.2% of participants taking orforglipron achieved the ADA treatment target A1C of <7%, 66.0% achieved an A1C of ≤6.5%, and 25.8% achieved <5.7%, defined as a normal A1C value.2,3 Improvements in A1C were observed as early as four weeks and were accompanied by similar reductions in fasting serum glucose. In another key secondary endpoint, participants taking the highest dose of orforglipron lost an average of 16.0 lbs (7.9%). While participants in ACHIEVE-1 did not appear to reach a weight plateau, longer-duration trials, such as the ATTAIN trials, will provide a comprehensive evaluation of the safety and efficacy of orforglipron for the treatment of obesity. "The ACHIEVE-1 trial demonstrated that orforglipron, a novel oral small-molecule GLP-1, achieved clinically meaningful reductions in A1C and body weight over 40 weeks in adults with type 2 diabetes," said Dr. Julio Rosenstock, senior scientific advisor for Velocity Clinical Research at Medical City Dallas, clinical professor of medicine, University of Texas Southwestern Medical Center, and lead trial investigator. "The early onset of glycemic improvement, observed as soon as four weeks, reinforces the therapeutic potential of orforglipron as an effective, oral GLP-1 therapy for early type 2 diabetes treatment. These findings support further investigation in broader populations and longer-duration studies." Læs mere: https://investor.lilly.com/news-releases/news-release-details/lillys-oral-glp-1-orforglipron-showed-compelling-efficacy-and

Novo Nordisk's subcutaneous and oral amycretin data published in The Lancet and presented at ADA 2025 Subcutaneous amycretin phase 1b/2a data on the safety, tolerability and weight loss potential in people with overweight or obesity was published in The Lancet and presented at the American Diabetes Association (ADA) Scientific Sessions.1,2 Oral amycretin phase 1 data on the safety, tolerability and weight loss potential in people with overweight or obesity was also published in The Lancet.3 Findings from the clinical trials indicate amycretin appeared tolerable with a safety profile consistent with other GLP-1 and amylin receptor agonists.1,2,3 Bagsværd, Denmark, 20 June 2025 - Novo Nordisk announces subcutaneous amycretin data being presented at the American Diabetes Association (ADA) 85th Scientific Sessions in Chicago, US.1 Full results of two clinical trials evaluating the safety, tolerability and weight loss potential of subcutaneous and oral amycretin in people with overweight or obesity were published today in The Lancet medical journal.1,3 Amycretin is the first treatment that combines GLP-1 and amylin receptor agonism biology in a single molecule. The published and presented results from the once-weekly subcutaneous amycretin phase 1b/2a clinical trial showed that participants who received the treatment demonstrated significantly greater weight loss across the full range of doses investigated compared to placebo. Data being presented at ADA were collected from two parts of the trial; dose escalation (amycretin 60 mg), and dose escalation and maintenance (amycretin 20 mg, 5 mg and 1.25 mg).1,2 No plateauing in weight reduction was observed at the end of treatment (ranging from 20 to 36 weeks) with all tested doses, suggesting that a longer treatment duration may potentially contribute to additional weight loss.1,2 Estimated mean change in body weight from baseline with once-weekly subcutaneous (SC) amycretin: 1,2 * Dose Treatment % Weight change % Weight change duration (SC amycretin) (placebo) 60 mg 36 weeks -24.3% -1.1% 20 mg** 36 weeks -22.0% 1.9% 5 mg** 28 weeks -16.2% 2.3% 1.25 mg** 20 weeks -9.7% 2.0% If all people adhered to treatment i.e. if all people followed the planned dosing schedule for the full trial period without any treatment discontinuations. ** Administered during a 12-week maintenance period. Once-weekly subcutaneous amycretin treatment escalated up to 60 mg appeared tolerable with a safety profile consistent with other GLP-1 and amylin receptor agonists.1,2 The number of treatment-emergent adverse events (TEAEs) increased in a dose-dependent manner, were mostly gastrointestinal, and were comparable to the rate and profile of TEAEs reported in early-phase studies of GLP-1 receptor, GLP-1 receptor/gastric inhibitory polypeptide (GIP) receptor, and amylin receptor agonists.1,2 The majority of TEAEs were mild to moderate in severity and resolved by the end of the study period.1,2 Of the participants who discontinued the trial, the majority were due to non-TEAE reasons.1,2 "As pioneers in obesity innovation, we are exploring multiple biological pathways to develop potentially transformative medicines that support the individual needs and preferences of people with obesity on their weight loss journey towards overall improved health," said Martin Holst Lange, executive vice president for Development at Novo Nordisk. "Amycretin is the first investigational treatment that combines GLP-1 and amylin receptor agonism biology in one molecule, working on distinct pathways and offering complementary effects on appetite control. The findings published and presented today are encouraging. We are excited to advance the clinical development of subcutaneous and oral amycretin into phase 3 to assess its potential as a therapeutic option for weight management." The published once-daily oral amycretin phase 1 clinical trial data showed that participants receiving amycretin achieved greater weight loss compared to placebo.3 After 12 weeks of treatment with amycretin up to 50 mg and up to 2 times 50 mg, participants achieved a mean change in body weight of -10.4% and -13.1% respectively, compared to -1.2% with placebo.3 There were no apparent signs of weight loss plateauing within the 12 weeks of treatment in either of these amycretin-treated groups.3 Once-daily oral amycretin appeared to have an acceptable safety profile and was tolerable in all tested doses, with TEAEs in line with what was expected from targeting GLP-1 and amylin receptors.3 All reported TEAEs occurred in a dose-proportional manner, were mild to moderate in severity, and mostly gastrointestinal. No new safety signals appeared during the study.3 Based on the findings from the oral and subcutaneous amycretin trials, Novo Nordisk recently announced it will advance amycretin into phase 3 trials to further investigate the treatment as a potential new therapeutic option for weight management.4 About amycretin Amycretin is a unimolecular long-acting GLP-1 and amylin receptor agonist under development by Novo Nordisk, to provide an efficacious and convenient treatment for adults with overweight or obesity and for adults with type 2 diabetes. Amycretin is developed for subcutaneous and oral administration. Oral amycretin Phase 1 trial - The trial evaluated the single-ascending dose and multiple ascending doses for oral amycretin, up to 2 times 50 mg, in 144 people with overweight or obesity, with a total treatment duration of up to 12 weeks. Subcutaneous amycretin Phase 1b/2a trial - The trial investigated the safety, tolerability, pharmacokinetics, and proof-of-concept of once-weekly subcutaneous amycretin in 125 people with overweight or obesity. The trial was a combined single ascending dose, multiple ascending dose and dose-response trial investigating three different maintenance doses with a total treatment duration of up to 36 weeks. About Novo Nordisk Novo Nordisk is a leading global healthcare company founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat serious chronic diseases built upon our heritage in diabetes. We do so by pioneering scientific breakthroughs, expanding access to our medicines, and working to prevent and ultimately cure disease. Novo Nordisk employs about 77,400 people in 80 countries and markets its products in around 170 countries. For more information, visit novonordisk.com, Facebook, Instagram, X, LinkedIn and YouTube. Contacts for further information Media: Ambre James-Brown +45 3079 9289 [email protected] Liz Skrbkova (US) +1 609 917 0632 [email protected]

Novo Nordisk A/S: CagriSema 2.4 mg / 2.4 mg demonstrated 22.7% mean weight reduction in adults with overweight or obesity in REDEFINE 1, published in New England Journal of Medicine Data presented simultaneously at the American Diabetes Association's 85th Scientific Sessions, showed mean weight reduction in the highest range of efficacy observed with existing weight loss interventions1 When adhering to treatment, weight loss of ≥5%, ≥20%, ≥25%, and ≥30% was observed in 97.6%, 60.2%, 40.4% and 23.1% of patients respectively at 68 weeks1* The REDEFINE clinical programme is ongoing to further investigate efficacy and safety of CagriSema, including recently initiated REDEFINE 112 Bagsværd, Denmark, 22 June - Today, The New England Journal of Medicine (NEJM) published results from Novo Nordisk's phase 3 REDEFINE 1 trial evaluating the efficacy and safety of investigational CagriSema plus lifestyle interventions for weight loss in adults with obesity or overweight who have a weight-related medical complication and without diabetes.1 REDEFINE 1 met its co-primary endpoints and achieved statistically significant and clinically meaningful weight loss at 68 weeks in patients taking CagriSema versus placebo.1 These data, along with the related phase 3 REDEFINE 2 study conducted in adults with overweight or obesity and type 2 diabetes, were presented today during a scientific symposium at the American Diabetes Association's (ADA) 85th Scientific Sessions and published in NEJM. "In REDEFINE 1, participants saw significant and clinically meaningful weight loss under a protocol that allowed investigators to maintain patients on a submaximal dose if deemed best for the patient. We also witnessed low, single-digit discontinuation rates due to adverse events in both REDEFINE 1 and 2," said Martin Holst Lange, executive vice president and head of Development at Novo Nordisk. "These results reinforce our confidence in CagriSema, and we continue to study the potential of this combination through the REDEFINE trials." CagriSema is an investigational product that combines the GLP-1 RA, semaglutide, with an amylin analogue, cagrilintide. The REDEFINE 1 trial found that treatment with CagriSema resulted in greater weight loss of 22.7% at 68 weeks versus 2.3% in the placebo group if all patients adhered to treatment.1* When evaluating the treatment effect regardless of adherence, those treated with CagriSema achieved statistically significant weight loss of 20.4% at 68 weeks versus 3.0% for the placebo group.1** In addition, a supportive secondary analysis showed that half (50.7%) of trial participants with obesity treated with CagriSema reached the threshold for non-obesity (BMI < 30 kg/m2) at the end of treatment, from a mean BMI of 38 kg/m2 at the start of treatment. In the placebo group,10.2% reached that threshold at 68 weeks.1 Select confirmatory secondary endpoints showed that if all participants adhered to treatment 40.4% of those receiving CagriSema achieved a body weight reduction of ≥25%.* Additionally, 23.1% lost ≥30% of their body weight.1* When applying the treatment policy estimand, 34.7% of participants treated with CagriSema achieved ≥25% body-weight reduction and 19.3% achieved ≥30% body-weight reduction.1** In a prespecified analysis of 252 participants, the relative reduction in fat and lean soft-tissue mass from baseline to week 68 was -35.7% (fat mass) and -14.4% (lean soft-tissue mass) for those treated with CagriSema versus -5.7% and -4.3% for the placebo group, respectively.1 "In REDEFINE 1, CagriSema provided weight loss in the highest range of efficacy observed with existing weight loss interventions," said lead investigator Timothy Garvey, MD, professor of medicine and director of the Diabetes Research Center at the University of Alabama at Birmingham. "Investigators were allowed some flexibility in dose adjustments to balance efficacy and safety, but regardless of dose adjustments participants lost significant weight. These findings are relatable to clinical practice, where dosing is often adjusted based on individual needs and clinical judgement." Safety data generated in the REDEFINE 1 and 2 trials were comparable with the GLP-1 RA class. Overall, discontinuation rates due to adverse events were low, with 6% for CagriSema versus 3.7% for placebo in REDEFINE 1 and 8.4% with CagriSema versus 3% with placebo in REDEFINE 2.1,3 In REDEFINE 1, adverse events were mainly gastrointestinal (79.6% in the CagriSema group vs. 39.9% with placebo), including nausea (55% vs. 12.6 %), constipation (30.7% vs. 11.6%), vomiting (26.1% vs. 4.1%) and were mostly transient and mild-to-moderate in severity.1 Results from REDEFINE 2, a phase 3 study that evaluated the efficacy and safety of CagriSema plus lifestyle interventions in adults with obesity and type 2 diabetes (T2D), were also simultaneously presented during a scientific symposium at the ADA's Scientific Sessions and published in NEJM.3 In REDEFINE 2, if all participants adhered to treatment, the estimated mean change in body weight from baseline to week 68 was -15.7% with CagriSema versus -3.1% with placebo.3* When applying the treatment policy estimand, the estimated mean change in body weight from baseline to week 68 was -13.7% with CagriSema versus -3.4% with placebo.3** A greater proportion of participants receiving CagriSema, compared with placebo, reduced their body weight by >5% (83.6% vs. 30.8% of participants), ≥10% (65.6% vs. 10.3%), ≥15% (43.9% vs. 2.4%), and ≥20% (22.9% vs. 0.5%;).3 The safety results from CagriSema in REDEFINE 2 were similar to those reported in REDEFINE 1.3 The REDEFINE clinical programme will continue to assess the efficacy and safety of CagriSema. Most recently, Novo Nordisk initiated the REDEFINE 11 trial with the first patient visit occurring in early June 2025. REDEFINE 11 will explore further weight loss potential and safety of CagriSema 2.4 mg / 2.4 mg through a longer trial duration and other protocol changes compared to REDEFINE 1 and 2. Based on the trial product estimand; this estimand estimates what the effect would be if all participants adhered to treatment ** Based on the treatment policy estimand: treatment effect regardless of treatment adherence About CagriSema CagriSema is being investigated by Novo Nordisk as a once-weekly subcutaneous injectable treatment for adults with overweight or obesity (REDEFINE programme) and as a treatment for adults with type 2 diabetes (REIMAGINE programme). CagriSema is a fixed-dose combination of a long-acting amylin analogue, cagrilintide 2.4 mg and semaglutide 2.4 mg. About the REDEFINE clinical trial programme REDEFINE is a phase 3 clinical development programme with once-weekly subcutaneous CagriSema in obesity. REDEFINE 1 and REDEFINE 2 have enrolled approximately 4,600 adults with overweight or obesity. REDEFINE 1 was a double-blind, placebo-and active-controlled 68-week efficacy and safety phase 3 trial of once-weekly CagriSema, cagrilintide 2.4 mg and semaglutide 2.4 mg versus placebo in 3,417 adults with obesity or overweight with one or more comorbidities and without type 2 diabetes. REDEFINE 2 was a double-blind, randomized, placebo- and controlled 68-week efficacy and safety phase 3 trial of once-weekly CagriSema versus placebo in 1,206 adults with type 2 diabetes and either obesity or overweight. Multiple REDEFINE clinical trials are currently underway including: REDEFINE 3, an event-driven cardiovascular outcomes phase 3 trial; REDEFINE 4 an 84-week head-to-head efficacy and safety phase 3 trial of once-weekly CagriSema versus once-weekly tirzepatide; and REDEFINE 11, a phase 3 trial with longer duration and other protocol changes compared to REDEFINE 1 and 2. About obesity Obesity is a serious chronic, progressive, and complex disease that requires long-term management.4-6 One key misunderstanding is that this is a disease of just lack of willpower, when in fact there is underlying biology that may impede people with obesity from losing weight and keeping it off.4,6 Obesity is influenced by a variety of factors, including genetics, social determinants of health, and the environment.7,8 About Novo Nordisk Novo Nordisk is a leading global healthcare company founded in 1923 and headquartered in Denmark. Our purpose is to drive change to defeat serious chronic diseases built upon our heritage in diabetes. We do so by pioneering scientific breakthroughs, expanding access to our medicines, and working to prevent and ultimately cure disease. Novo Nordisk employs about 77,400 people in 80 countries and markets its products in around 170 countries. For more information, visit novonordisk.com, Facebook, Instagram, X, LinkedIn and YouTube. Contacts for further information Media:    Ambre James-Brown   +45 3079 9289  [email protected]    Liz Skrbkova (US)  +1 609 917 0632  [email protected]

Kommentar fra Per Hansen, Investeringsøkonom, Nordnet For det første er der et forsøg med Amycretin - GLP/Amylin På den højeste dosis var der et vægttab på 24,3 % Der er en tydelig doseringseffekt Dose Treatment % Weight change % Weight change duration (SC amycretin) (placebo) 60 mg 36 weeks -24.3% -1.1% 20 mg** 36 weeks -22.0% 1.9% 5 mg** 28 weeks -16.2% 2.3% 1.25 mg** 20 weeks -9.7% 2.0% For det andet et fase 3 STEP UP studie med Wegovy Gennemsnitligt vægttab 20,7 efter 72 uger 1/3 havde mere end 25 % vægttab 1/2 havde mere end 20 % vægttab Der kommer løbende nye datasæt fra Novo Nordisk og Eli Lilly men også fra andre. De data som Novo Nordisk har præsenteret viser at Novo Nordisk stadig er med helt i førerfeltet, selv om man kunne få et andet indtryk ved alene at betragte aktiekursudviklingen. Investorerne er utålmodige og skifter løbede fornemmelse for hvem som ligger i førerfeltet og/eller helt fremme. Det handler ikke kun om data, men også om bivirkninger. Belært af sidste års data med CagriSema handler det også om tilrettelæggelsen af test (grad af frivillighed). Investorerne vil betragte data som opløftende og især Amycretin bør give investoranerkendelse. Disse data tegner ikke kun lovende, men meget lovende.