Novo Nordisk CFO Interview Jesper Brandgaard January 27, 2006
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Novo Nordisk CFO Interview Jesper Brandgaard January 27, 2006

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Telling Interview with Novo Nordisk A/S' Chief Financial Officer Jesper Brandgaard for CNBC/Dow Jones. In this interview, Mr. Brandgaard explicitly states the company's intention to eliminate human ...

Telling Interview with Novo Nordisk A/S' Chief Financial Officer Jesper Brandgaard for CNBC/Dow Jones. In this interview, Mr. Brandgaard explicitly states the company's intention to eliminate human insulin and replace this with patent-protected proprietary insulin-like molecules (also known as insulin analogues or insulin receptor ligands).

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Novo Nordisk CFO Interview Jesper Brandgaard January 27, 2006 Novo Nordisk CFO Interview Jesper Brandgaard January 27, 2006 Document Transcript

  • Novo Nordisk - CFO Interview CEO Wire. Waltham: Jan 27, 2006. Full Text (1066 words) 2006 CNBC/Dow Jones Business Video DANIEL MANN, CNBC ANCHOR: Denmark's Novo Nordisk, the world's biggest maker of insulin, has posted a 16 percent rise in 2005 operating profit, which is just ahead of forecasts. Despite the positive numbers, it shares are under a bit of pressure as it trims its 2006 profit forecast due to higher spending on sales and marketing strategies. I'm delighted to tell you joining us now is Jesper Brandgaard, he's the chief financial officer of Novo Nordisk. Good to see you again, Mr. Brandgaard. Thank you very much, indeed, for joining us on WORLDWIDE EXCHANGE. Now we understand higher spending and marketing sales, but what can you tell our viewers about last stage clinical development projects, what does that mean? JESPER BRANDGAARD, CFO, NOVO NORDISK: Well, the key one that’s going into Phase III clinical development this year is Liraglutide, which is our GLP-1 compound, which is an insulin-like compound which is ideal for type 2 patients, starting with therapy with injectibles. Here we have a very interesting compound which can offer weight-lowering and lack of hypoglycemic events, which is a classical problem for type 2 patients. MANN: Put -- your pipeline at the moment, Mr. Brandgaard, how pleased are you with it? BRANDGAARD: Well, we are very pleased on the diabetes front. We are now the first company on the market with a full portfolio of insulin analogues. And that comes out of our labs here in Denmark. And in addition we have new Liraglutide. So on the diabetes front, things look pretty exciting, and we are also seeing that the diabetes are growing very rapidly. From our biopharmaceutical franchise, it’s the expansion of NovoSeven that’s really important. We are trying to get into ICH, intracerebral hemorrhage, that’s bleeding in the brain. And we are progressing very fast with a Phase III trial that hopefully we should be able to end by the end of this year and then later file for approval, both in the U.S. and in Europe. So that looks very exciting. On the trauma front, using NovoSeven for trauma looks a bit more challenging for us. We are embarking on a global trial, but it will require 1,500 patients. So it’s probably going to take us some five years. So that’s a little bit challenging. But that’s the regulatory requirement. MANN: Sure. Let’s just go back to NovoSeven. How much more data do you think you require on that drug? BRANDGAARD: Well, on the ICH, it’s clear that we need around 675 patients. We are roughly halfway there. And we have said that we expect to complete this trial before the end of this year. That’s going to be crucial for getting approved, both in Europe and U.S. On trauma, it’s a significant data number. You need 1,500 patients. It’s a substantial number of patients. And these are tricky to get in. We are typically talking about traffic accidents, gunshot wounds. And it’s hard to get patients to look alike and be able to get their relatives to accept inclusion in trials. So this is a very challenging area in getting an expansion of the education for NovoSeven. MICHELLE CARUSO-CABRERA, CNBC ANCHOR: Mr. Brandgaard, Michelle here in the U.S., where the diabetes market is big and expected to get bigger, because it’s no secret that we eat too much here. And in fact, The New York Times recently ran a series calling it and epidemic in the United States. We know that this is an area where the U.S. pharmaceutical companies are very
  • interested in. Pfizer (PFE) just did this deal buying out Sanofi-Aventis’ (SNY) interest in Exubera, this inhaled insulin. Any chance that because of your focus on diabetes that you end up doing some deals here with a U.S. company? BRANDGAARD: Well, Novo Nordisk is a very special company. We are owned by a foundation. So it’s not very likely that we will change ownership. Of course, we will be focusing on what opportunities there will be in the diabetes care arena. But we are very focused on the injectible market. We are growing rapidly. It’s the part of the diabetes market that’s actually growing the fastest. We are currently seeing growth rates in excess of 10 percent, as you said, to people getting obese and basically more and more people with diabetes. So we will be pursuing this -- that niche of the market that needs dealing with the blood sugar levels. And we believe that we have excellent opportunities with a full portfolio of analogue. And as I said, we are really the only company who has that opportunity. And we will be launching in the U.S. -- when we get into this year, we will be launching our long-acting analogue also in the U.S. CHRISTINE TAN, CNBC ANCHOR: Jesper, hi, this is Christine in Asia. What sort of competition are you seeing from generic drugmakers? BRANDGAARD: It’s a very, very good question. It’s actually a limited impact we have. Where there could generic competition is in human insulin. But there you have got to bear in mind that in Europe, where there could come some generic competition, say two-three years from now, we have about 85 percent of our human insulin sold in Europe, which are being sold in devices. So it’s not going to be a very likely area for a high degree of competition. And then in addition we are about to convert the market from human insulin onto insulin analogue. If we look at it globally, we have more than 40 percent of the market now converting to analogue. So we are actually in a different situation from most other companies. We are taking our portfolio from being generic product, human insulin, onto a patent-protected insulin analogue. So we are actually getting our portfolio on- patent, not off-patent. MANN: Good to have you on the network again, Mr. Brandgaard, thank you very much, indeed, for joining us on WORLDWIDE EXCHANGE. Jesper Brandgaard, the chief financial officer of Novo Nordisk END [Copy: Content and programming copyright 2006 CNBC/Dow Jones Business Video, a division of CNBC/Dow Jones Desktop Video, LLC. Transcription copyright 2006 Voxant, Inc. (www.voxant.com) No portions of the materials contained herein may be used in any media without attribution to CNBC/Dow Jones Business Video, a division of CNBC/Dow Jones Desktop Video, LLC.] Indexing (document details) Companies: CNBC (NAICS: 513210, Sic:4841, Duns:19-865-3990), Novo Nordisk Publication title: CEO Wire. Waltham: Jan 27, 2006. Source type: Wire Feed Text Word 1066 Count: Copyright © 2004-2007, ProQuest Information and Learning Company; All Rights Reserved.