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Novo Nordisk A/S Management Discusses Q2 2012 Results - Earnings Call Transcript

Kåre Schultz

Thank you, Lars. So just a brief comments on sales and as Lars already alluded to, if you look at the sales from a geographical point of view, then there are 2 -- actually, 3 key drivers: North America, International Operations and China. And the background is the same as in previous years, so it's quite different from region to region. In North America, we have a situation where we have actually a positive pricing environment. We have a positive market share environment where we are taking market shares steadily in both the GLP-1 segment and in the insulin segment. And in total, that gives us a very healthy growth also compared to what happens to all pharmaceutical companies in North America. In International Operations, it's a case of demographics. We have basically something like 6 billion people living in what we call International Operations or the emerging markets. This, as you all know, in strong increase in the occurrence of diabetes, strong organization and that drives a very high level of organic growth in International Operations for all the products both the high end and the low end.

And in China, we have a relative lower number here than what we've been seeing in the past. There has been some health care reforms on the pricing on human insulin, which affected us last year, and we will be seeing this number actually come up a little, more towards the 15% level once we get to the end of the year due to the several pipeline changes we saw in China, but basically 3 regions driving growth. Europe and Japan, pretty much you could say saturated markets with low economic growth, lot of pricing pressure and no real positive dynamics for us there.

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