Diabetes care

“Type 1 Diabetes According to the 2024 CDC Report, as of 2021 there were an estimated 2.0 million adults and youth with diagnosed Type 1 diabetes in the United States.”

Annual report 2025A · The company itself

“Type 2 Diabetes Type 2 diabetes is a metabolic disorder which results when the body is unable to produce sufficient amounts of insulin or becomes insulin resistant. Depending on the severity of Type 2 diabetes, individuals may require diet and nutrition management, exercise, oral medications or insulin injections to regulate blood glucose levels. We estimate that greater than 6 million people with Type 2 diabetes in the United States must use insulin to manage their diabetes.”

Annual report 2025A · The company itself

“We also believe that our CGM systems are beginning to have a positive impact on the broader Type 2 population that does not utilize insulin or have hypoglycemia risk, a group that we estimate to be greater than 25 million people in the United States alone.”

Annual report 2025A · The company itself

“Previously, Medicare coverage for CGM was only available to Medicare patients who take at least three doses of insulin a day, limiting CGM reimbursement for Medicare beneficiaries with intensive Type 1 and 2 diabetes. The Local Coverage Determination, or LCD, that CMS released in April 2023 extends Medicare CGM coverage to patients who use any insulin. Further, the LCD also allows coverage for patients not taking insulin if the patient has a history of problematic hypoglycemia.”

Annual report 2025A · The company itself

“As a result of these relationships, our operating results depend, to some extent, on the ability of our partners to successfully commercialize their insulin delivery systems or monitoring products. Any factors that may limit our partners’ ability to achieve widespread adoption of their systems, including competitive pressures, technological breakthroughs for the treatment or prevention of diabetes, adverse regulatory or legal actions relating to insulin pump products, or changes in reimbursement rates or policies of third-party payors relating to insulin pumps or similar products, could have an adverse impact on our operating results.”

Annual report 2025A · The company itself

“PART I ITEM 1 - BUSINESS Overview We are a medical device company primarily focused on the design, development and commercialization of continuous glucose monitoring, or CGM, systems for the management of diabetes and metabolic health by patients, caregivers, and clinicians around the world.”

Annual report 2025A · The company itself

“We launched our latest generation systems, the Dexcom G7 Continuous Glucose Monitoring System, or G7, in 2023, and the Dexcom G7 15 Day Continuous Glucose Monitoring System, or G7 15 Day, in late 2025.”

Annual report 2025A · The company itself

“We expect that sales of our CGM systems will account for substantially all of our product revenue for the foreseeable future.”

Annual report 2025A · The company itself

“Since then we have received 510(k) clearances for modifications to the G6 and approval for G7 and G7 15 Day. In 2024, the FDA cleared Stelo as an over-the-counter biosensor designed for adults with prediabetes and Type 2 diabetes who do not use insulin.”

Annual report 2025A · The company itself

“Our current target market consists primarily of people with Type 1 and Type 2 diabetes who utilize insulin therapy as well as certain non-insulin using people with diabetes that struggle with hypoglycemia.”

Annual report 2025A · The company itself

“In addition to our CGM devices, we have a Class I data management service which we market to clinics. This service helps healthcare providers and patients see, understand and use blood glucose meter data to diagnose and manage diabetes.”

Annual report 2025A · The company itself

“Market Opportunity: Management of Diabetes Diabetes is a chronic, life-threatening disease for which there is no known cure. It is caused by the body’s inability to produce or effectively utilize the hormone insulin, which prevents the body from adequately regulating blood glucose levels.”

Annual report 2025A · The company itself

“We estimate that approximately 40% of the type 1 diabetes population in the United States and 25% of the international type 1 diabetes population use insulin pump therapy.”

Annual report 2025A · The company itself

“An even smaller portion of the U.S. and international insulin-requiring type 2 diabetes population and the U.S. basal only insulin type 2 population use insulin pump therapy. We believe these factors present a significant available market for our Omnipod platform globally.”

Annual report 2025A · The company itself

“Insulin pump therapy has been shown to provide numerous advantages relative to MDI therapy. For example, insulin pump therapy virtually eliminates individual insulin injections, delivers insulin more accurately and precisely than injections, often improves HbA1c (a common measure of average blood glucose levels over time) over time, provides greater flexibility with meals, exercise, and daily schedules, and can reduce severe low blood glucose levels.”

Annual report 2025A · The company itself

“Additionally, in August 2024, we received FDA clearance for an expanded indication of Omnipod 5 for people with type 2 diabetes (ages 18 years and older) in the United States.”

Annual report 2025A · The company itself

“In addition to the insulin pump competitors, we compete with companies that provide products and supplies for MDI therapy. MDI therapy, including smart pens, can be substantially less expensive than pump therapy, and improvements in the effectiveness of MDI therapy may result in fewer people than we expect converting from MDI therapy to pump therapy, which could result in price pressure and decreased revenue.”

Annual report 2025A · The company itself

“In 2025, we completed STRIVE, our pivotal study for the next generation hybrid closed loop system. Further, we continue to develop a fully closed loop AID system for type 2 diabetes (“FCL (T2)”). In 2025, we completed enrollment for EVOLUTION 2, our safety and feasibility study for FCL (T2) and we plan to start the U.S. investigational device exemption (“IDE”) pivotal study in 2026.”

Annual report 2025A · The company itself

“Business Overview Insulet Corporation (“we” or the “Company”) is primarily engaged in the development, manufacture, and sale of its proprietary continuous insulin delivery systems for people with insulin-dependent diabetes.”

Annual report 2025A · The company itself

“The Omnipod platform includes: the Omnipod® 5 Automated Insulin Delivery System (“Omnipod 5”), the Omnipod DASH® Insulin Management System (“Omnipod DASH”), and the Omnipod Insulin Management System (“Classic Omnipod”).”

Annual report 2025A · The company itself

“Our Solution: The Omnipod Platform The Omnipod platform offers continuous insulin delivery that provides all the benefits of insulin pump therapy in a unique way without the need for external tubing required with conventional pumps. The small, lightweight, self-adhesive disposable tubeless Omnipod device (“Pod”), can be worn in multiple locations, including the abdomen, hip, back of upper arm, upper thigh, or lower back.”

Annual report 2025A · The company itself

“Omnipod Classic Following the launch of Omnipod 5, the vast majority of our customer base is no longer using our Classic Omnipod product. Accordingly, we are phasing out our Classic Omnipod product.”

Annual report 2025A · The company itself

“Addressing serious, common and increasing global medical problems Cardiovascular diseases (CVDs) are the number one cause of death, representing approximately 1/3 of all deaths worldwide. CVD is a general term for conditions affecting the heart or blood vessels. It is usually associated with a build-up of fatty deposits inside the arteries (atherosclerosis) and an increased risk of blood clots. It can also be associated with damage to arteries in organs such as the brain, heart, kidneys and eyes.”

Annual report 2024A · The company itself

“The main risk factors for CVD are high blood pressure, dietary risks leading to obesity, diabetes, smoking, in addition to higher age. Both obesity and diabetes are increasing world-wide, reflecting economic growth and a growing middle class in developing economies. In parallel, the number of people above 60 years of age is also growing globally.”

Annual report 2024A · The company itself

“7.6 Clinical application areas and target markets Lifestyle diseases such as obesity and diabetes have increased significantly in recent decades, increasing the need for revascularization procedures.”

Annual report 2024A · The company itself

“Marknaden är inte konjunkturkänslig och tillväxten drivs av en ökad förekomst av diabetes och obesitas i kombination med lansering av nya läkemedel för behandling av dessa sjukdomar.”

Annual report 2024A · The company itself

“Megatrender som påverkar Nanologicas verksamhet positivt En snabbt växande marknad Antalet patienter med diabetes ökar Globalt lever idag mer än 535 miljoner människor med diabetes, varav 4 av 5 lever i låg- eller medelinkomstländer. Antalet patienter med diabetes förväntas öka till 784 miljoner år 2045 där ökningen sker huvudsakligen i Indien, Kina, Pakistan, Bangladesh och Indonesien.”

Annual report 2024A · The company itself

“Antal patienter med diabetes som behöver behandlas med insulin förväntas öka ca 45 procent till år 2045.”

Annual report 2024A · The company itself

“Marknaden för insulin har haft en stabil tillväxt under lång tid och förväntas fortsätta växa även framöver. Den globala humaninsulinmarknaden beräknas växa från 27 miljarder USD år 2023 till 33 miljarder USD år 2028, motsvarande en genomsnittlig årlig tillväxttakt på ca 4 procent.”

Annual report 2024A · The company itself

“Nanologica bedömer att en ökad efterfrågan på insulin och insulinanaloger, peptidläkemedel såsom GLP-1-analoger och liknande inkretinläkemedel, samt biosimilarer kommer att leda till en kraftig ökning av marknaden för preparativ silika – en marknad som redan idag dras med kapacitetsproblem.”

Annual report 2024A · The company itself

“Nanologicas silikabaserade reningsmedia är speciellt framtaget för insulinoch peptidrening och har framgångsrikt testats av flertalet kunder.”

Annual report 2024A · The company itself

“Bolagets huvudprodukt NLAB Saga® används vid preparativ kromatografi i industriell skala och är speciellt utvecklad för att passa reningsprocesser för insulin och andra peptidläkemedel såsom GLP- 1-analoger.”

Annual report 2024A · The company itself

“Nanologica levererar insatsvaror till läkemedelstillverkare på en global och växande marknad för rening av protein- och peptidläkemedel, såsom insulin och GLP-1-analoger.”

Annual report 2024A · The company itself

“Nanologica riktar sig främst till kunder som har behov av en högkvalitativ silika med hög mekanisk och kemisk stabilitet. Dessa utgörs av läkemedelsföretag eller kontraktstillverkare av insulin och insulinanaloger, GLP-1-analoger, biosimilarer till insulin och GLP-1-analoger, samt vissa andra peptidläkemedel.”

Annual report 2024A · The company itself

“Det kan göras med hjälp av autoinjektorer och penninjektorer, vilket är starkt bidragande till Medical Solutions tillväxt.”

Annual report 2024A · The company itself

“Vid full produktion, inom en femårsperiod, beräknas samarbetet tillföra Nolato 700 Mkr i årlig omsättning.”

Annual report 2024A · The company itself

“Huvudfokus ligger på att vidareutveckla affärerna inom Diagnostik och Drug Delivery.”

Annual report 2024A · The company itself

“Nolato säkrade 2024 ett långsiktigt samarbetsavtal med en befintlig kund för produktion av komponenter till peninjektorer för behandling av diabetes och övervikt, med en förväntad årlig omsättning på 700 MSEK.”

Annual report 2024A · The company itself

“Enligt avtalet med kunden kommer Nolato att tillverka komponenter till peninjektioner som innebär formsprutning samt delmontage av produkten.”

Annual report 2024A · The company itself

“I april tecknade Nolato ett långsiktigt samarbetsavtal med en större befintlig kund avseende leveranser av medicintekniska hjälpmedel för att bland annat administrera läkemedel mot övervikt och diabetes. Vid full produktion, inom en femårsperiod, beräknas Nolato tillföras en årlig omsättning i storleksordningen 700 MSEK.”

Annual report 2024A · The company itself

“Lång livscykel för produkter Exempel på områden och produkter › Astma (inhalatorer, backventiler) › Diabetes (insulinpennor, infusionsset) › Hörselhjälpmedel (tätningar, öronsnäckor) › Hjärtrytmbehandling (tätningar till pacemakers, hjärtförankrare) › Dialys (tätningar, kopplingar) › Urologi (urinkatetrar, uridomer) › Kirurgi (kateterballonger, kompletta blodreningsutrustningar) › Diagnostik (PCR tester, blodanalyser, allergitester).”

Annual report 2024A · The company itself

“Inom området tillverkas olika typer av autoinjektorer, penninjektorer, pumpar och andra tekniska lösningar för att leverera medicin in i kroppen. Området har växt kraftigt drivet av produkter kopplade till viktminskning och diabetes som är två strategiskt viktiga terapier för Nolato framåt.”

Annual report 2024A · The company itself

“Även Drug delivery har haft ökad omsättning, där bland annat insulinrelaterade produkter levererats i högre volymer.”

Annual report 2024A · The company itself

“Ökad global efterfrågan på auto injektorer för Nolato Självadministrerande injektionssystems framgång – ökar patienternas självständighet Autoinjektorer blir allt mer populära inom läkemedelsindustrin för att förenkla egenbehandling av läkemedel. De möjliggör säker och enkel administrering av medicin i hemmet, särskilt vid kroniska sjukdomar som diabetes, multipel skleros (MS), hormonbehandling och viktminskning, vilket minskar behovet av sjukhusbesök och frigör vårdresurser. Den växande efterfrågan drivs av tekniska framsteg, en åldrande befolkning, och en ökad acceptans för självmedicinering efter pandemin.”

Annual report 2024A · The company itself

“Vår styrka inom Medical Solutions befästes genom ett samarbetsavtal med en större befintlig kund inom medicintekniska hjälpmedel som används för att administrera läkemedel mot övervikt och diabetes. Som en följd av avtalet investerar vi nu i ökad produktionskapacitet i vår ungerska verksamhet.”

Annual report 2024A · The company itself

“Medical Solutions omsättning uppgick till 5.434 MSEK (5.308), justerat för valuta och förvärv ökade omsättningen med 2 procent.”

Annual report 2024A · The company itself

“Sales in Diabetes care remained unchanged in Danish kroner and increased by 4% at CER to DKK 207,109 million”

Annual report 2025A · The company itself

“We have also seen encouraging recognition from the World Health Organization, which has acknowledged the multiple health benefits of GLP-1 treatments and has committed to exploring ways to expand access globally.”

Annual report 2025A · The company itself

“1 billion people living with obesity and around 600 million living with diabetes.”

Annual report 2025A · The company itself

“Our strategy focuses on leading in Obesity, Diabetes & related comorbidities, through patient centricity, innovation and affordable access.”

Annual report 2025A · The company itself

“For decades, Novo Nordisk flourished in the diabetes market, building expertise patient by patient, innovation by innovation.”

Annual report 2025A · The company itself

“We are also focused on diabetes with the continued rollout of Awiqli ® and the EU approval of Kyinsu ® (IcoSema), plus we are preparing for the launch of denecimig (Mim8) for people living with haemophilia A.”

Annual report 2025A · The company itself

“Powered by semaglutide, these game-changing medicines address two of the world’s most pressing health challenges: obesity, impacting over 1 billion people worldwide, and diabetes, affecting around 600 million. Semaglutide is the only molecule that demonstrates cardiovascular protection in both diseases.”

Annual report 2025A · The company itself

“Sales in Diabetes care remained unchanged in Danish kroner and increased by 4% at CER.”

Annual report 2025A · The company itself

“Sales of GLP-1-based products for type 2 diabetes increased by 2% measured in Danish kroner and by 6% at CER to DKK 152,202 million.”

Annual report 2025A · The company itself

“Our pipeline across obesity, type 2 diabetes and related comorbidities continues to advance, whilst we enhance optionality by tailoring solutions to individual needs.”

Annual report 2025A · The company itself

“In 2025, we reached 42 million people with our diabetes portfolio, delivering 4% sales growth at CER.”

Annual report 2025A · The company itself

“Novo Nordisk operates in two segments based on therapies: Obesity and Diabetes care and Rare disease, representing the entirety of the Group's operations. The activities of the segments include research, development, manufacturing and marketing of products within the following areas: • Obesity and Diabetes care: obesity, diabetes, cardiovascular and emerging therapy areas • Rare disease: rare blood disorders, rare endocrine disorders and hormone replacement therapy.”

Annual report 2025A · The company itself

“In 2025, we reached an all-time high of 45.6 million people with obesity and diabetes care products.”

Annual report 2025A · The company itself

“Every decision and every innovation must ultimately serve the health and wellbeing of the more than 45.6 million patients who depend on us today, and the hundreds of millions more we aim to serve in future.”

Annual report 2025A · The company itself

“We have refocused our strategy on these core therapeutic areas – not as a limitation, but as recognition that serving the two billion people living with obesity, overweight or diabetes provides massive opportunities for growth and impact.”

Annual report 2025A · The company itself

“The global need for eye care is increasing as populations age, lifestyle related diseases such as diabetes become more prevalent.”

Annual report 2025A · The company itself

“Demographics: Aging populations and rising prevalence of chronic conditions such as obesity, diabetes, and hypertension – the American Heart Association is projecting an increase of more than 30% in the population with chronic cardiovascular diseases over the next decade.”

Annual report 2025A · The company itself

“The growth of Metformin is driven by the growing number of people in the world who develops diabetes type 2. There is also growth in the number of people in low- and middle-income countries who get diagnosed and put on Metformin - being an efficient, cheap and safe drug treatment.”

Annual report 2024A · The company itself

“Diabetes is one of the largest global health crises of the 21st century, and the global demand for Metformin medication is expected to continue to grow by 4-6% CAGR, in the foreseeable future, as it remains the first line treatment for the main population of type 2 diabetes patients.”

Annual report 2024A · The company itself

“Looking ahead into 2025 we are steadily ramping up the volume further and ensuring volumes to our customers growing demand, and we also actively work with introducing new customers to the benefits and quality of using our Metformin API.”

Annual report 2024A · The company itself

“Vistin made a large investment in 2022 into a second parallel manufacturing line with the aim of reaching 7000 metric tons (MT). This was to support our existing customers growing demand for Metformin and to fuel further growth in the global market. Today Vistin has around 10% of the global market share of metformin API, and the market is showing an underlaying stable growth (CAGR) of 4-6% annually.”

Annual report 2024A · The company itself

“Vistin Pharma is a major player and a wellrecognized global supplier of Metformin, the standard baseline treatment of diabetes II.”

Annual report 2024A · The company itself

“Reportable Segments Manufacturing Sites Medical Devices 33 Diagnostic Products 21 Established Pharmaceutical Products 22 Nutritional Products 13 Worldwide Total 89 Abbott’s research and development facilities in the United States are primarily located in California, Illinois, Minnesota, New Jersey, and Ohio.”

Annual report 2025A · The company itself

“BioArctics mission är att genom forskning skapa läkemedel som förbättrar livet för patienter med svåra sjukdomar och bli ett världsledande, innovativt biofarmabolag inom neurodegenerativa sjukdomar.”

Annual report 2024A · The company itself

“Samtliga BioArctics läkemedelsområden såsom Alzheimers sjukdom, Parkinsons sjukdom, ALS och andra neurodegenerativa sjukdomar är områden med stort medicinskt behov och stor marknadspotential.”

Annual report 2024A · The company itself

“(Henrik) Vitrolife gjorde en stark avslutning på året med fin tillväxt i framför allt Europa och USA. 2024 präglades av rekordintäkter inom affärsområdena Consumables och Technologies, förbättrad EBITDA-marginal och starkt kassa flöde. I början av året påbörjade Vitrolife genomförandet av bolagets nya strategi, med fokus på bl.a., accelererad tillväxt i Nordamerika, en mer effektiv ”go-to- market”-modell samt att stärka positionen som leverantör av en integrerad plattform av produkter och tjänster för hela resan inom reproduktiv hälsa.”

Annual report 2024A · The company itself

“Vitrolife AB det nederländska bolaget eFertility som erbjuder och utvecklar system- och mjukvarulösningar för att förbättra IVF-klinikernas processer. Systemen möter en ökad efterfrågan på IVF-marknaden.”

Annual report 2024A · The company itself

“Under året har vi expanderat den tidiga utvecklingsportföljen med läkemedelskandidater inom endokrinologi, metabola sjukdomar och substansberoende, inklusive framgångsrik utveckling av en månads - depå av semaglutid (CAM2056) och andra långtidsverkande inkretiner.”

Annual report 2024A · The company itself

“Her vil vi yderligere intensivere markedsførin- Læs mere om automatisering på side 32 Ledelsens beretningꢀ|ꢀChemoMetec kort fortalt Årsrapport 2024/25ꢀ|ꢀChemoMetec 6 ChemoMetec kort fortalt ChemoMetec er specialiseret inden for udvikling, produktion og salg af højkvalitets analyseudstyr, der optimerer workflows hos vores kunder og sikrer præcise, konsistente og hurtige målinger inden for tælling og analyse af celler. Analyseudstyret anvendes inden for en lang række områder – blandt andet celle- og genterapi, cancer- og stamcelleforskning, udvikling og produktion af lægemidler samt produktions- og kvalitetskontrol af dyresæd, øl og mælk.”

Annual report 2025A · The company itself

“Demand in this segment is driven by emerging industry trends, including the shift towards consumerism, outcome-based care, digital health and delivering seamless, patient-centered experiences. These trends result in increased demand for services that drive operational improvements in areas such as clinical development, pharmacovigilance and manufacturing, as well as claims processing, enrollment, membership and revenue cycle management. Demand is also created by the adoption and integration of digital technologies such as AI and predictive data analytics to improve clinical trial designs, data security, patient engagement and care outcomes.”

Annual report 2025A · The company itself

“Our advanced dressings and biologics products are both used for the treatment of wounds. This includes a variety of wound types: chronic wounds (diabetic foot ulcers, venous leg ulcers, pressure ulcers), acute wounds (surgical and trauma wounds) and burn wounds.”

Annual report 2025A · The company itself

“En av årets finansiella höjdpunkter var våra fortsatta investeringar inom Point-of-Care-ultraljud (POCUS), ett område med stor potential för långsiktig tillväxt. Dessa investeringar, som totalt uppgick till 7,1 MSEK, användes strategiskt för att lägga grunden för vår nästa generations produktportfölj inom Data Quality.”

Annual report 2024A · The company itself

“Vi genomför nu tester, mätningar och experiment för att validera vår strategi, och efter årsskiftet nådde vi en betydande milstolpe genom att ingå ett partnerskap med University of Washington. Samarbetet syftar till att utveckla AI-baserade lösningar för organspecifik bildbehandling, med målet att skapa digitala biomarkörer för tidig sjukdomsdetektion och uppföljning av fettlever.”

Annual report 2024A · The company itself

“Vi har nyligen inlett en strategisk satsning på medicinsk bilddatakvalitet. Det innebär utveckling av organspecifik ultraljudsanalys som möjliggör högre precision och enklare tolkning genom mätbara data, samtidigt som det minskar beroendet av specialistkompetens.”

Annual report 2024A · The company itself

“Etablering inom Data Quality Vi utnyttjar vår expertis inom signalbehandling för att expandera inom Data Quality, med start inom diagnostik av fettlever. Detta innebär att vi utvecklar produkter som levererar tillförlitliga mätningar av organspecifik data.”

Annual report 2024A · The company itself

“The Health Care Benefits segment offers a broad range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental and behavioral health plans, medical management capabilities, Medicare Advantage and Medicare Supplement plans, PDPs and Medicaid health care management services.”

Annual report 2025A · The company itself

“To the extent that these and other global health conditions such as any future severe flu seasons, global health crises, pandemics or epidemics drive sustained elevated mortality levels in the overall ESKD or CKD populations, we may experience adverse impacts on our new-to-dialysis admission rates, treatment volumes, 24 future revenues and non-acquired growth, among other things. Other trends in health conditions and changing population or demographic trends may also impact overall ESKD growth rates and our associated treatment volumes, including, among others, the growth and aging of the U.S. population, changing U.S. immigration levels, the availability of transplant opportunities, incidence rates for diseases that cause kidney failure such as diabetes and hypertension, or growth rates of minority populations with higher-than-average incidence rates of ESKD.”

Annual report 2025A · The company itself

“Vårt andra bolag inom metabola på sina produktportföljer med nya läkemedelskandi- sjukdomar, Atrogi, påvisade en gynnsam säkerhetsprofil dater. Att Fleries portfölj innehåller bolag inriktade på i en första fas 1-studie med friska försökspersoner och sjukdomsgrupper med stora medicinska behov, såsom diabetespatienter.”

Annual report 2024A · The company itself

“PRODUCT DEVELOPMENT Amarna Therapeutics AnaCardio Innovativa och potentiellt botande genterapier för såväl sällsynta som vanligt förekommande sjukdomar, med initial inriktning på typ 1-diabetes. Nya läkemedel utvecklade för att adressera ett underliggande problem vid hjärtsvikt – försämrad kontraktilitet – baserat på banbrytande forskning från Karolinska Institutet.”

Annual report 2024A · The company itself

“PRODUCT DEVELOPMENT Atrogi Buzzard Pharmaceuticals Orala first-in-class-behandlingar som kan revolutionera behandlingen av diabetes, obesitas och andra metabola sjukdomar. Utvecklar en helt ny interleukin-1 hämmare för behandling av solida tumörer.”

Annual report 2024A · The company itself

“DARZALEX is subject to intense competition in the multiple myeloma therapy market.”

Annual report 2025A · The company itself

“J&J’s net sales of DARZALEX were $14,351 million in 2025 compared to $11,670 million in 2024 and $9,744 million in 2023 . The increase from 2024 to 2025 of $2,681 million, or 23%, was driven by share gains in all regions.”

Annual report 2025A · The company itself

“Our Business Products We have transformed care for people around the world by discovering, developing and delivering innovative medicines to address unmet medical needs in virology, oncology and other therapeutic areas.”

Annual report 2025A · The company itself

“We bring extensive experience in obesity and metabolic disorders; conditions associated with female reproductive health. Our ability to model complex endocrine and metabolic interactions enables robust studies in PCOS and primary ovarian insufficiency (POI).”

Annual report 2025A · The company itself

“We distribute homecare medical products, including incontinence, urology, ostomy, enteral nutrition, advanced wound, and diabetes supplies, as well as continuous glucose monitoring devices.”

Annual report 2025A · The company itself

“Hofseth BioCare enters 2025 with renewed determination to advance its sustainable business model and realize our vision of improving lives through science-led marine nutrition. Building on the strong foundations and strategic achievements of 2024, including robust market performance, significant R&D progress, and resilience in a complex global environment, we are confident in our ability to drive continued growth and innovation in both human and pet nutrition.”

Annual report 2024A · The company itself

“Quality Nutrition omfattar både varumärken och tillverkare av sportnutrition och ingredienser. Dessa dotterbolag ägnar sig åt att tillhandahålla näringsprodukter och kosttillskott av högsta kvalitet som är utformade för att hjälpa både idrottare och vanliga konsumenter att öka prestanda och hälsa i deras dagliga liv.”

Annual report 2024A · The company itself

“Bolaget har gjort betydande framsteg i sin kliniska pipeline med projekt inom kronisk njursjukdom med anemi, sepsis och svår malaria. I slutet av året initierade bolaget en klinisk fas 2-studie inom kronisk njursjukdom med anemi som syftar till att visa proof-of-concept för sin läkemedelskandidat.”

Annual report 2024A · The company itself

“Modus Therapeutics genomför kapitalisering och startar njurstudie Portföljbolaget Modus Therapeutics fick i november godkännande att inleda en klinisk fas 2a-studie med sevuparin inom kronisk njursvikt med anemi.”

Annual report 2024A · The company itself

“In 2024, we filed a new European patent for sensor technology that could be used to monitor additional health conditions, including cardiovascular and immune disorders.””

Annual report 2024A · The company itself

“Lifecare’s focus is to bring the next generation of Continuous Glucose Monitoring (CGM) systems to market.”

Annual report 2024A · The company itself

“Our focus is on revolutionizing glucose monitoring with the Sencell sensor technology, which uses osmotic pressure to offer continuous glucose monitoring (CGM) with extended wear times, greater comfort, and improved glucose management.”

Annual report 2024A · The company itself

“Scientific risk Lifecare develops technology for sensing and monitoring various body analytes, using osmotic pressure sensors to detect variations in analyte levels.”

Annual report 2024A · The company itself

“Currently, only about 50% of diabetes cases are diagnosed, and one-third of those diagnosed require glucose monitoring. As a result, in 2021, the global potential patient group for glucose monitoring was approximately 90 million people—a figure that grows.”

Annual report 2024A · The company itself

“Products Our products include: Therapeutic area Products Certain Indications Cardiometabolic Health products Basaglar In collaboration with Boehringer Ingelheim, a long-acting human insulin analog for the treatment of diabetes. Humalog, Humalog Mix 75/25, Humalog U-100, Humalog U-200, Humalog Mix 50/50, insulin lispro, insulin lispro protamine, and insulin lispro mix 75/25 Human insulin analogs for the treatment of diabetes. Humulin, Humulin 70/30, Humulin N, Humulin R, and Humulin U-500 Human insulins of recombinant DNA origin for the treatment of diabetes.”

Annual report 2025A · The company itself

“Jardiance In collaboration with Boehringer Ingelheim, for the treatment of type 2 diabetes; to reduce the risk of cardiovascular death in adult patients with type 2 diabetes and established cardiovascular disease; to reduce the risk of cardiovascular death and hospitalizations for heart failure in adults; and to reduce the risk of sustained decline in estimated glomerular filtration rate (eGFR), end-stage kidney disease, cardiovascular death and hospitalization in adults with chronic kidney disease (CKD) at risk of progression.”

Annual report 2025A · The company itself

“Mounjaro A glucose-dependent insulinotropic polypeptide and glucagon-like peptide-1 receptor agonist, for the treatment of adults with type 2 diabetes in combination with diet and exercise to improve glycemic control.”

Annual report 2025A · The company itself

“Trulicity For the treatment of type 2 diabetes in adults and pediatric patients 10 years of age and older; and to reduce the risk of major adverse cardiovascular events in adult patients with type 2 diabetes and established cardiovascular disease or multiple cardiovascular risk factors.”

Annual report 2025A · The company itself

“The Diabetes Business develops, manufactures, and markets products and services for the management of Type 1 and Type 2 diabetes. The primary medical specialists who use and/or prescribe our Diabetes products are endocrinologists and primary care physicians. The principal products and services offered by the Diabetes Business include insulin pumps, continuous glucose monitoring (CGM) systems, and consumables.”

Annual report 2026A · The company itself

“Diabetes Januvia (sitagliptin) and Janumet (sitagliptin/metformin HCl) for the treatment of type 2 diabetes.”

Annual report 2025A · The company itself

“EyeBio’s development work focused on candidates for the prevention and treatment of vision loss associated with retinal vascular leakage, a known risk factor for retinal diseases. EyeBio’s lead candidate, MK-3000 (formerly EYE103), is an investigational, potentially first-in-class tetravalent, tri-specific antibody that acts as an agonist of the Wingless-related integration site signaling pathway, which is in clinical development for the treatment of diabetic macular edema and neovascular age-related macular degeneration.”

Annual report 2025A · The company itself

“Healthcare is undergoing a digital transformation with remote patient monitoring and wearable health devices. This disruptive market segment is mainly driven by the large and growing markets for continuous glucose monitoring and drug delivery systems such as insulin injections.”

Annual report 2024A · The company itself

“In the medical field, our intelligent power technologies extend the life of personal diagnostic devices, such as continuous glucose monitors.”

Annual report 2025A · The company itself

“Klinisk nytta av Melflufen Melufen (melphalan ufenamide), marknadsfört under namnet Pepaxti, är Oncopeptides patenterade peptidläkemedelskonjugat (PDC) avsedd för behandling av relapserande, refraktärt multipelt myelom (RRMM).”

Annual report 2024A · The company itself

“Optomed toimii globaaleilla silmien tutkimus- ja hoitolaitteiden markkinoilla, jotka sisältävät silmäpohjakameroita, niihin liittyviä ohjelmistoja sekä tekoälyratkaisuja silmäsairauksien seulontaan.”

Annual report 2025A · The company itself

“Optomedilla on kaksi tosiaan täydentävää liiketoimintasegmenttiä: Laitteet ja Ohjelmistot.Laitteet-segmentti kehittää, kaupallistaa ja valmistaa kädessä pidettäviä silmänpohjakameroita, jotka ovat helppokäyttöisiä ja edullisia. Kamerat soveltuvat lukuisten silmäsairauksien, kuten diabeettisen retinopatian, glaukooman ja silmänpohjan ikärappeuman seulontaan.”

Annual report 2025A · The company itself

“Ohjelmistot-segmentti kehittää ja myy diabeettiseen retinopatiaan ja syöpäkuvauksiin erikoistuneita kuvantamisohjelmistoja terveydenhuoltoalan organisaatioille.”

Annual report 2025A · The company itself

“Laitteet-segmentti kehittää, valmistaa ja myy ratkaisuja silmäsairauksien sekä systeemisen terveyden sairauksien tunnistamiseen Optomedin silmänpohjakameroiden sekä niihin integroitujen tekoälyalgoritmien avulla.”

Annual report 2025A · The company itself

“Ohjelmistot-segmentti kehittää ja myy diabeettiseen retinopatiaan ja syöpäkuvauksiin erikoistuneita kuvantamis-ohjelmistoja terveydenhuoltoalan organisaatioille.”

Annual report 2025A · The company itself

“Öka tillgången till vård för patienter med opioidberoende samt utveckla nya innovativa läkemedel som möter stora medicinska behov.”

Annual report 2024A · The company itself

“Chronic diseases and conditions; gaps in care We believe that the cost and challenges of identifying, treating and controlling chronic diseases and conditions such as diabetes and heart disease are now well recognized. As a result of multiple factors, including increased focus on population health management and pressure to reduce the systemic costs associated with such diseases and conditions, there is increased focus on better identifying and attempting to reduce or eliminate the gaps in care historically associated with these diseases and conditions.”

Annual report 2025A · The company itself

“Hansoh In July 2025, our license agreement with Hansoh Pharmaceuticals Group Company Limited to acquire development and commercial rights outside of mainland China, Hong Kong, and Macau for HS-20094 (a dual GLP-1/GIP receptor agonist currently in Phase 3 clinical development in China) became effective. In-licensing a late-stage GLP-1/GIP agonist enables us to study combinations with our products and product candidates in order to address muscle loss and potentially other comorbidities of obesity, such as cardiovascular diseases, diabetes, and liver conditions. Under the terms of the agreement, we made an $80.0 million up-front payment in July 2025.”

Annual report 2025A · The company itself

“Our principal products and services for Diagnostics applications include the following: •Reproductive Health ◦The DELFIA® Xpress screening platform is a complete solution for prenatal and maternal health screening including a fast continuous loading system. It is supported by kits for first, second and third trimester analyses for prenatal screening and clinically validated LifeCycle™ software. ◦The DELFIA® Xpress sFlt-1 kit enables short term prediction of pre-eclampsia and aids in diagnosis in the second and third trimesters of pregnancy together with the previously launched DELFIA™ Xpress PlGF 1-2-3™ assay. ◦The NeoBase™ non-derivatized MS/MS AAAC kits are used to support detection of metabolic disorders in newborns through tandem mass spectrometry. The kits analyze newborn dry blood spot samples for measurement of amino acids and other metabolic analytes for specific diseases.”

Annual report 2025A · The company itself

“◦The GSP® Neonatal hTSH, T4 17á-OHP, GALT IRT, BTD, PKU, Total Galactose, CK-MM and G6PD kits, used for screening congenital neonatal conditions from a drop of blood. ◦The Specimen Gate® informatics data management solution, designed specifically for newborn screening laboratories. ◦The NeoLSD™ MS/MS kit, the first commercial IVD kit for screening of Pompe, MPS-I, Fabry, Gaucher, Niemann-Pick A/B and Krabbe disorders from a single dried blood spot sample. ◦The QSight® 210MD and 225MD UHPLC MS/MS instruments used for newborn screening. ◦The Vanadis® NIPT offering, a non-PCR non-sequencing fully automated cfDNA technology for use in any laboratory for screening common trisomies in the pregnant population. ◦The EONIS® assay, a CE marked and United States Food and Drug Administration (“FDA”) authorized system utilizing real-time PCR technology, which allows for simultaneous screening of SMA, SCID and XLA in newborns from a single DBS punch.”

Annual report 2025A · The company itself

“New Products: New products or services introduced or acquired for Diagnostics applications in fiscal year 2025 include the following: •Reproductive Health ◦The NeoLSD™ 7 Plex MS/MS kit, the first commercial IVD kit for screening of MLD plus 6 lysosomal storage disorders from a single dried blood spot sample.”

Annual report 2025A · The company itself

“◦The Bile Acid B MSMS RUO test reagents measure bile acid B from DBS samples using LC-MS/MS, supported by the Bile Acid B internal standard. ◦The Vanadis Core® Reagent Cartridge II qualitative assay for screening the risk of trisomy 21, 18, 13 and sex chromosome aneuploidies in fetal cell-free DNA from pregnant women. •Immunodiagnostics ◦The T-SPOT.Flex™ interferon-gamma (IFN-γ) ELISPOT kit enables researchers to design their own customized assays with their preferred antigens. ◦The ELISA 2.0 series for infection diagnostics, IVDR-compliant follow-up products are also validated for dried blood spots as sample material besides serum/plasma. ◦The IDS i20TM random access solution for processing of ChLIA from six diagnostic specialties (endocrinology, allergy, autoimmune and infectious diseases, Alzheimer’s disease and therapeutic drug 11 Table of Contents monitoring) with an increased capacity of processing 20 analytes in parallel and a throughput of about 140 tests per hour (assay dependent).”

Annual report 2025A · The company itself

“For example, despite considerable non-clinical testing, the clinical study of VX-264 in T1D did not meet its efficacy endpoint.”

Annual report 2025A · The company itself

“We have approved medicines for cystic fibrosis (“CF”), sickle cell disease (“SCD”), transfusion dependent beta thalassemia (“TDT”), and acute pain, and we continue to serially innovate and advance next-generation clinical and research programs in these areas.”

Annual report 2025A · The company itself

“We believe that zimislecel has the potential to transform the lives of eligible people with T1D.”

Annual report 2025A · The company itself

“At initial launch, we expect there will be approximately 65,000 people with high unmet need who experience severe hypoglycemic events who will be eligible for zimislecel.”

Annual report 2025A · The company itself

“We work to transform patients’ lives through innovative medicines addressing unmet medical needs in metabolic health.”

Annual report 2025A · The company itself

“At Zealand Pharma, we approach obesity as a heterogeneous disease requiring differentiated solutions. Our research strategy focuses on targeting the underlying biological mech-anisms driving obesity and its complications, with the ambi-tion to develop therapies that support sustained weight loss, improved tolerability, and broader metabolic benefits.”

Annual report 2025A · The company itself