GLP-1 and obesity treatment

“With respect to GLP-1 medications, during fiscal 2026, we experienced increased demand, which positively impacted our Pharma segment revenue and consolidated revenue; however, increased GLP-1 sales did not meaningfully contribute to segment profit.”

Annual report 2026A · The company itself

“Demand growth for GLP-1 medications began to moderate in fiscal year 2026 and we expect future demand growth moderation to continue; however, demand for these medications is unpredictable.”

Annual report 2026A · The company itself

“The introduction of new technologies, treatments or therapies may also impact ESKD growth rates or the demand for dialysis treatments over time, including, among others, the glucagon-like peptide 1 (GLP-1) receptor agonist, SGLT2 inhibitors, and other classes of drugs or new classes of drugs or other treatments that may, among other things, slow the progression of CKD. Any decrease in growth rates for the ESRD patient population, higher mortality rates for dialysis patients, increase in the availability of kidneys or replacement kidneys (e.g., via xenotransplantation or artificial kidneys) for transplant, or other reductions in demand for dialysis treatments, if sustained or significant, could have a material adverse effect on our business, results of operations, financial condition and cash flows.”

Annual report 2025A · The company itself

“Metabola sjukdomar som obesitas och typ 2-diabetes håller på att utvecklas till en global epidemi som påverkar människors hälsotillstånd och utgör en betydande ekonomisk börda för sjukvårdssystem världen över. Mer än en halv miljard människor lever idag med typ 2-diabetes globalt, och prognoser visar att obesitas kommer att påverka mer än hälften av världens befolkning år 2035.”

Annual report 2024A · The company itself

“Obesitas är en global hälsoepidemi som väntas öka kraftigt under de kommande åren. Det har blivit alltmer uppmärksammat att viktnedgång minskar risken för flera sjukdomstillstånd såsom hjärt- och kärlsjukdomar, metabola sjukdomar och Alzheimers sjukdom.”

Annual report 2024A · The company itself

“Marknaden förväntas växa till över 200 miljarder dollar år 2031, där de nya inkretinbaserade läkemedlen (inklusive GLP-1-agonisterna) förväntas nå megablockbusterstatus. Men dessa nya behandlingar är inte lämpliga för alla patienter, och många står fortsatt utan effektiva läkemedel.”

Annual report 2024A · The company itself

“205 miljoner kronor ledd av bland annat Novo Holdings, Efter att investerare under många år har föredragit vilket vittnar om intresset för bolaget. Empros Pharmas nischprodukter och särläkemedel, är behandlingar mot kliniska fas 2b-studie för viktminskning uppfyllde samtliga vanligare förekommande sjukdomar nu mer efterfrågade, kliniska effektmått och lade därmed en god grund för speciellt av globala läkemedelsbolag som behöver fylla fortsatt utveckling.”

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

“PRODUCT DEVELOPMENT empros pharma Egetis Therapeutics Empros Pharma Fokuserar på att lansera särläkemedel för behandling av MCT8-brist och andra kritiska och sällsynta tillstånd. En oral behandling mot obesitas baserad på en innovativ omformulering av etablerade läkemedel mot viktminskning och diabetes, med stor potential som såväl monoterapi som kombinationsbehandling.”

Annual report 2024A · The company itself

“We are strongly positioned within obesity and metabolic diseases; large, fast-growing markets driven by significant unmet medical need”

Annual report 2025A · The company itself

“In 2025, share prices for companies working within obesity were affected by changes in stock market sentiment.”

Annual report 2025A · The company itself

“R&D pipeline — mega programs as value drivers Our deep domain expertise enables us to deliver differentiated obesity assets with significant value potential, including ABBV-295 (Amylin; out-licensed to AbbVie), BI 3034701 (triple agonist, out-licensed to Boehringer Ingelheim), and GUB-UCN2 (Urocortin-2 analog; internal program).”

Annual report 2025A · The company itself

“UCN2 — Advancing Toward First-in-Human Studies UCN2 is being advanced as a next-generation CRHR2-selective therapy delivering high-quality weight loss. It is purpose-engineered to reduce fat mass while preserving — or potentially increasing — lean mass.”

Annual report 2025A · The company itself

“Emerging therapies focus increasingly on High quality weight loss by targeting pathways that protect muscle while reducing fat mass. GUB-UCN2 builds on a novel mechanism and is designed to deliver a healthier, more sustainable weight loss outcome by improving body composition.”

Annual report 2025A · The company itself

“In early 2026, Amylyx selected the development candidate with IND submission planned for 2027.”

Annual report 2025A · The company itself

“Amylyx has announced the selection of AMX0318, a long-acting glucagon-like peptide-1 (GLP-1) receptor antagonist, as a development candidate for post-bariatric hypoglycemia (PBH) and other rare diseases. Beyond Obesity — Building the Next Flagship Areas We strengthened our position in therapeutic areas beyond obesity, including continued progress in women’s health, where we are developing advanced translational models to support future programs.”

Annual report 2025A · The company itself

“Pipeline of nextgeneration assets We have built a high-quality, differentiated pipeline. A key asset is GUB-UCN2 with a novel mechanism of action aimed at high quality weight loss with first-in-human planned for H1 2026.”

Annual report 2025A · The company itself

“Our technology combines in vivo pharmacology, whole-organ clearing, and high-resolution imaging in an automated workflow and is perfectly suited for preclinical research within a diverse range of disease areas, including women’s health, neurodegeneration, and obesity.”

Annual report 2025A · The company itself

“The significant increase of 892% was driven by recognition of the DKK 2.4 billion (USD 350 million) upfront payment in the out-licensing agreement to AbbVie for our long-acting amylin analog ABBV-295 (Amylin). Biotech segment In 2025, revenue from the Biotech segment amounted to DKK 2,444 million, mainly due to the AbbVie-deal compared to revenue of DKK 46 million in 2024.”

Annual report 2025A · The company itself

“Consumer preferences for food and beverage products change continually and rapidly. Our success depends on our ability to predict, identify, and interpret the tastes and dietary habits of consumers. We must continue to offer products that appeal to consumers, including with respect to their health and wellness preferences and changing consumption patterns, such as those potentially associated with weight-loss drugs.”

Annual report 2025A · The company itself

“For example, consumers have increasingly focused on well-being, including by reducing their consumption of sodium, processed foods and foods with added sugar, using weight-loss drugs and examining the source and authenticity of ingredients in the foods they consume.”

Annual report 2025A · 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

“Peptidbaserade läkemedel finns i mer än 400 kliniska prövningar och i dagsläget finns det mer än 200 godkända peptidläkemedel världen över. En stor del av peptidläkemedel under utveckling är relaterade till obesitas.”

Annual report 2024A · The company itself

“Den globala GLP-1-analogmarknaden förväntas gå från 25 miljarder USD år 2023 till 56 miljarder USD år 2032, motsvarande en genomsnittlig årlig tillväxttakt om ca 10 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

“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

“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

“The soaring demand for obesity treatment has also highlighted critical patient safety issues”

Annual report 2025A · The company itself

“virtually every major pharmaceutical company now recognises this as an attractive market”

Annual report 2025A · The company itself

“The updated strategy marks a shift from expansion into new, dedicated therapy areas as standalone (CVD, CKD, MASH) towards going deeper into our core areas, Obesity and Diabetes”

Annual report 2025A · The company itself

“the record-breaking launch of the Wegovy ® pill – the world’s first and only once-daily oral GLP-1 therapy approved for weight management”

Annual report 2025A · The company itself

“Sales of Obesity care products increased by 26% measured in Danish kroner and by 31% at CER to DKK 82,347 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

“In 2026, the global GLP-1 market expansion is assumed to continue, enabling Novo Nordisk to increase patient reach and expand volumes.”

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

“Reaching millions more people means we need a portfolio that works for everyone – from affordable options to cutting-edge treatments. In obesity, we are building a strong pipeline with higher-dose and oral formulations of Wegovy ® and exciting next-generation therapies like zenagamtide (amycretin) and CagriSema.”

Annual report 2025A · The company itself

“Novo Nordisk is the global market leader with a branded volume market share of 59.6%.”

Annual report 2025A · The company itself

“Sales and distribution costs increased by 4% measured in Danish kroner and by 7% at CER to DKK 64,310 million. The increase in costs is driven by both US Operations and International Operations. In US Operations, the cost increase is mainly driven by promotional activities related to Wegovy ® .”

Annual report 2025A · The company itself

“In Obesity, we will lead by addressing patients’ diverse needs and supporting them throughout their care journey.”

Annual report 2025A · The company itself

“Our entry into obesity treatment – a field we pioneered and shaped – thrust us into an era of unprecedented growth that, frankly, surprised even us.”

Annual report 2025A · The company itself

“Just as we serve people living with diabetes with multiple insulin formulations, we will build a comprehensive obesity portfolio offering diverse treatment options. This means developing therapies that address the full spectrum of patient circumstances – from those seeking the highest efficacy outcomes to those who need different delivery methods, dosing frequencies or treatment profiles that better suit their individual needs.”

Annual report 2025A · The company itself

“A significant milestone has been the record-breaking launch of the Wegovy ® pill – the world’s first and only once-daily oral GLP-1 therapy approved for weight management. This breakthrough addresses patient preferences whilst leveraging the proven efficacy and safety profile of semaglutide, positioning us uniquely in an increasingly competitive field.”

Annual report 2025A · The company itself

“Advanced pipeline programmes and submitted new medicines for approval. Key progress included advancing zenagamtide (amycretin) to initiate phase 3 trials in 2026, and filing weight management medicine CagriSema to the FDA.”

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 of Obesity care products increased by 26% measured in Danish kroner and by 31% 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, our obesity portfolio delivered 31% sales growth at constant exchange rates (CER), reaching 3.6 million people worldwide.”

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 discovered that people living with obesity face completely different challenges than those living with diabetes. Instead of fear, they often feel shame or stigmatisation.”

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 adoption of new pharmaceuticals to treat obesity, a typical comorbidity of OSA, could impact our ongoing or future sales. For example, injectable glucagon-like peptide-1, or GLP-1, weight loss drugs may lower the occurrence of obesity, eventually reducing the severity of OSA, if significant weight loss is maintained. Injectable weight loss drugs have been approved for treatment of OSA in patients with obesity and moderate to severe OSA and are being marketed by physicians and to consumers.”

Annual report 2026A · The company itself

“For example, certain pharmaceutical treatments, such as GLP-1s currently approved to treat diabetes and for weight loss, may enhance patient health, lower the occurrence of obesity, or potentially reduce the severity or existence of OSA.”

Annual report 2026A · 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

“Our business depends to a substantial extent on customers’ continued sales and development of products that are delivered by injection, such as GLP-1s. If (i) our customers fail to continue to sell, develop and deploy injectable products and opt for products delivered via alternative means, such as oral GLP-1s; (ii) our customers reconfigure their drug product or develop new drug products requiring less frequent dosing; or (iii) we are unable to develop new products that assist in the delivery of drugs by alternative methods, our sales and profitability may suffer.”

Annual report 2025A · The company itself

“With our range of proprietary technologies, we compete with new and established companies in the area of drug delivery devices, including suppliers of prefillable syringes, auto-injectors, safety needles, and other proprietary systems.”

Annual report 2025A · The company itself

“There remains a substantial unmet medical need for more and better treatment options for the highly heterogeneous population living with overweight and obesity.”

Annual report 2025A · The company itself

“Zealand Pharma A/S is a biotechnology company focused on advancing innovative medicines for obesity and metabolic health.”

Annual report 2025A · The company itself

“Zealand Pharma A/S is a biotechnology company focused on advancing innovative medicines for obesity and metabolic health.”

Annual report 2025A · The company itself

“we develop potential new therapies to address unmet medical needs for people with overweight, obesity, and metabolic imbalance.”

Annual report 2025A · The company itself

“We completed the 28-week primary endpoint visit for the last participant in the Phase 2 ZUPREME-1 trial with petrelintide in people living with overweight and obesity. We also initiated and completed participant enrollment in the Phase 2 ZUPREME-2 trial in people living with overweight and obesity and type 2 diabetes.”

Annual report 2025A · The company itself

“Survodutide – potential leading therapy for people with overweight/obesity and MASH In 2025, our partner Boehringer Ingelheim completed the 76-week primary endpoint visit for the last participant in the Phase 3 SYNCHRONIZE™-1 trial with survodutide in people living with overweight and obesity without type 2 diabetes. We expect Phase 3 data from key trials in the SYNCHRONIZE TM program to be reported and presented during 2026, potentially paving the way for regulatory submissions. If successful, Boehringer Ingelheim could become the third company to market in this new era of weight loss therapies, with a firstin-class glucagon/GLP-1 receptor dual agonist in the U.S. and Europe.”

Annual report 2025A · The company itself

“Recent advances, including GLP-1 receptor agonist–based therapies, have improved weight-loss efficacy; however, tolerability challenges, primarily gastrointestinal side effects, continue to limit long-term treatment persistence, and overall treatment rates remain low. This underscores a continued unmet medical need for therapies that combine meaningful efficacy with improved tolerability and address obesity-related comorbidities.”

Annual report 2025A · The company itself

“Therefore, ensuring the health and safety of our patients when developing new medicines is essential. Failure to keep our patients and trial participants safe not only has a direct negative impact on individuals, but it is also fundamental to our current and future business success.”

Annual report 2025A · The company itself

“Unstable and short-lived Developing peptide therapeutics involves modifying native peptides to retain or enhance biological activity. research strategy Becoming a leader in metabolic health Zealand Pharma's research strategy is centered around the ambition to become a leader in metabolic health. We will leverage our insights to reprogram metabolic health, delivering valued medicines for people living with overweight, obesity, and metabolic imbalance, aiming to enhance metabolic health and extend health span - the period of a person’s life during which they are in good health and free from disease, disability, and age-related ailments.”

Annual report 2025A · The company itself

“Three guiding principles By targeting upstream biological systems, we aim to target and treat the underlying root causes of metabolic imbalances by targeting three areas of unmet need. First, we will address the durability and tolerability of current standard of care by tuning cross axis signaling to rebalance the system. We will leverage human physiology with multi-hormone combinations to dial in efficacy and dial out adverse events. Second, we will address the lack of metabolic flexibility and capacity in people living with metabolic dysfunction by driving weight independent insulin sensitization.”

Annual report 2025A · The company itself

“We will also review and update our IP strategy to adapt to the overall strategy of Zealand Pharma and the fast-moving metabolic health space.”

Annual report 2025A · The company itself

“We look forward to reporting topline data from the Phase 2 ZUPREME-1 trial in Q1 2026 and to initiating registrational clinical trials with petrelintide in H2 2026.” purpose Our purpose Tackling the greatest healthcare challenges of our time Our ambition is to become a generational biotech & leader in obesity and metabolic health J.A. lives with obesity at a glance Zealand Pharma A/S is a biotechnology company focused on advancing innovative medicines for obesity and metabolic health.”

Annual report 2025A · The company itself

“Petrelintide – future foundational therapy for weight management In March 2025, we entered into a collaboration and license agreement with Roche to co-develop and co-commercialize petrelintide as a future foundational therapy for weight management. The partnership aims to redefine the standard of care for people living with overweight and obesity by establishing the leading amylin-based franchise around petrelintide and petrelintide-based combination products.”

Annual report 2025A · The company itself

“Dino works in Alliance Management Obesity Survodutide Survodutide, a dual glucagon/GLP-1 receptor agonist, targets obesity and the large sub-population with MASH and fibrosis. Targeting obesity and MASH with a dual glucagon/GLP-1 receptor agonist Survodutide is a dual glucagon/GLP-1 receptor agonist for once-weekly subcutaneous administration, targeting the treatment of obesity and metabolic dysfunction-associated steatohepatitis (MASH), one of the most prevalent and serious obesity-related comorbidities.”

Annual report 2025A · The company itself

“It is estimated that 34% of people living with obesity have MASH 1 . By activating both GLP-1 and glucagon receptors, survodutide offers the potential for significant body weight reduction by reducing appetite and increasing energy expenditure, improved glycemic control, and direct beneficial effects on the liver.”

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

“Through our double materiality assessment, we identified four patient-related sustainability topics as particularly material: • Patient health and safety• Access to medicine• Ethical and responsible marketing• Privacy and data protection These topics are directly linked to our strategy and business model and guide how we develop, advance, and prepare future therapies for patients.”

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

“AbbVie expects to achieve its strategic objectives through: •Maximizing revenue growth of our key on-market products, including Skyrizi, Rinvoq, Vraylar, Botox Therapeutic, Ubrelvy, Qulipta, Vyalev, Venclexta, Elahere, Botox Cosmetic and Juvederm Collection. •Advancing our research and development pipeline by delivering late-stage pipeline milestones, achieving key proof-of-concept objectives across therapeutic areas and continuing to invest in key on-market product indication expansion. •Maximizing the value of key acquisitions as well as continuing to invest in external innovation. •The favorable impact of pipeline products and indications recently approved or currently under regulatory review where approval is expected in 2026.”

Annual report 2025A · The company itself

“This included capitalising on new pipeline opportunities in weight management, radioconjugates and next generation immunology bispecifics.”

Annual report 2025A · The company itself

“Alliance Revenue, comprising our share of gross profits, share of revenues and royalties, increased in the year by 39% (CER: 38%), to $3,067 million, including $1,798 million from Enhertu and $673 million from Tezspire , which achieved blockbuster status in 2024.”

Annual report 2025A · The company itself

“In October 2025, AstraZeneca, by exercise of an option, completed the acquisition of the remaining share capital of SixPeaks Bio AG (SixPeaks), following an initial investment of $15 million made in 2024. $170 million was paid on closing, $30 million to be paid after two years and up to a further $100 million is payable on achievement of regulatory milestones. SixPeaks is investigating potential therapies for weight-management with the aim of preserving lean muscle mass.”

Annual report 2025A · The company itself

“The Domestic segment is comprised of our operations in all states, districts and territories of the U.S. and our Best Buy Health business, and includes the brand names Best Buy, Best Buy Ads, Best Buy Business, Best Buy Essentials, Best Buy Health, Best Buy Marketplace, Geek Squad, Imagine That, Insignia, Lively, Jitterbug, My Best Buy, My Best Buy Memberships, Pacific Kitchen and Home, TechLiquidators and Yardbird; and the domain names bestbuy.com, lively.com, techliquidators.com and yardbird.com.”

Annual report 2026A · The company itself

“Consumer preferences and purchases may shift, often in unpredictable ways, as a result of a variety of factors, including health and wellness trends, consumer dietary preference changes, weight loss regimens and pharmaceuticals, including GLP-1 drugs; changes in economic conditions, demographic, and social trends; public health policies and initiatives; changes in government regulation of beverage alcohol products; concerns or regulations related to product safety; legalization of cannabis and its use on a more widespread basis in the markets where we operate; and changes in trends related to travel, leisure, dining, gifting, entertaining, and beverage consumption.”

Annual report unknown yearA · 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

“Under 2024 förbereddes för start av en klinisk fas 1-studie av CAM2056, en ny FluidCrystal månadsdepå av semaglutid för behandling av metabola sjukdomar. Semaglutid finns idag tillgänglig som veckoinjektion och som daglig oral produkt.”

Annual report 2024A · The company itself

“I december erhölls kliniskt prövningstillstånd för en fas 1-studie för att utvärdera farmakokinetik, farmakodynamik och säkerhet av CAM2056 jämfört med semaglutid veckoprodukt i deltagare med övervikt eller fetma som annars är friska.”

Annual report 2024A · The company itself

“Our Evernorth EnGuideSM Pharmacy ("EnGuide Pharmacy") was established in 2025 to focus on the growing population of customers that are prescribed GLP-1 medications requiring clinical support.”

Annual report 2025A · The company itself

“Därtill finns det ett växande intresse bland konsumenterna, särskilt i Nordamerika, för att använda läkemedel för att gå ner i vikt och där läkemedlen för att vara effektiva kräver en diet med lite socker.”

Annual report 2024A · The company itself

“Inom ramen för sin hållbarhetsagenda har Cloetta hörnstenen ”För dig”, där vi informerar konsumenterna om produktinnehåll och kalorier, och vi arbetar på att fortsätta utveckla produkter som erbjuder alternativ med lägre sockerinnehåll eller sockerfria alternativ utöver olika storlekar på förpackningarna.”

Annual report 2024A · 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

“The CVS Weight ManagementTM program optimizes utilization of GLP-1 medication and provides the label-recommended lifestyle support and coaching to maximize and maintain weight loss on these therapies, while addressing new indications (e.g., cardiovascular disease).”

Annual report 2025A · The company itself

“We are also aware of the increasing use of GLP-1 products for the treatment of obesity and Type 2 diabetes. While we believe that GLP-1s are a companion product and used in conjunction with our CGM systems, these treatments could potentially compete with our CGM systems and reduce sales of our products.”

Annual report 2025A · The company itself

“In the future, we plan to expand our product offering to people who are pregnant and cleared/approved indications to address people with pre-diabetes, people who are obese, and people in the hospital setting.”

Annual report 2025A · The company itself

“In August 2024, we launched Stelo, our biosensor designed for adults with prediabetes and Type 2 diabetes who do not use insulin, as the first over-the-counter glucose biosensor in the U.S.”

Annual report 2025A · The company itself

“Consumer preferences and demand for certain foods including pizza could also shift as a result of the increased use of prescription weight-loss therapies, including GLP-1 agonists and other related drugs.”

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

“Vi legger til rette for at våre kunder skal kunne forebygge psykisk uhelse gjennom en rekke digitale tjenester. Dette kan for eksempel være selvhjelpsprogrammer og samtaler med psykolog for barn og foreldre. Her får de både råd, veiledning og hjelp.”

Annual report 2024A · The company itself

“Further, increased availability and adoption of the GLP-1 class of drugs may delay the progression of type 2 diabetes in obese patients.”

Annual report 2025A · The company itself

“Also, in 2023, ongoing adoption of the GLP-1 class of drugs in diabetes and news surrounding the expansion of use of GLP-1 drugs in obesity led to speculation regarding the impact of GLP-1 drugs on the insulin therapy market. We believe this negatively impacted the stock prices of companies in the medical device industry, including ours.”

Annual report 2025A · The company itself

“Demand for such consumer products depends on consumer preferences that are driven by a variety of factors, such as the increasing use of weight management pharmaceutical products, increasing health and wellness awareness, greater transparency in product labeling, and changes in global, regional or local economic conditions (such as inflation, unemployment, salaries and wage rates stagnation, low growth rates, and impacts of supply disruptions, climate events, or geopolitical developments).”

Annual report 2025A · The company itself

“For example, in 2023, certain drugs initially approved for use in diabetes patients gained acceptance for use in weight loss treatment following FDA approvals for weight loss indications. The availability and effectiveness of weight loss drugs have reduced the number of bariatric procedures performed, including those bariatric procedures performed using our da Vinci surgical system, as some patients reconsider the surgical treatment option.”

Annual report 2025A · The company itself

“Consumers' preferences continually evolve due to a variety of factors, including changing demographics of the population, social trends, changes in consumer lifestyles and consumption patterns, including from the use of weight loss drugs, concerns or perceptions regarding the health effects or environmental impact of our products or packaging, concerns regarding the location of origin or source of ingredients and products, changes in consumers' spending habits, negative publicity, economic downturn, or other factors.”

Annual report 2025A · The company itself

“For the year ended December 31, 2025, realized investment income was primarily comprised of (i) realized gains primarily from the sale of our investments in BridgeBio Pharma, Inc., ReliaQuest, LLC, BrightSpring Health Services (fka Pharmerica) (NASDAQ: BTSG), and Kokusai Electric Corporation, (ii) realized gains from the settlement of certain foreign exchange forward contracts, and (iii) interest income primarily from our investments in CLOs. Partially offsetting the realized gains were realized losses, the most significant of which were (i) a realized loss related to a structured multi-asset investment vehicle and (ii) realized losses from the sale of various revolving credit facilities by the Capital Markets business line.”

Annual report 2025A · The company itself

“Zepbound For the treatment of adults with obesity or overweight with at least one weight-related comorbid condition in combination with a reduced-calorie diet and increased physical activity; and for the treatment of moderate to severe obstructive sleep apnea in adults with obesity in combination with a reduced-calorie diet and increased physical activity (relevant indications marketed under Mounjaro in various markets outside the U.S.).”

Annual report 2025A · The company itself

“For example, in July 2025, CVS Caremark, the pharmacy benefit management division of CVS Health, stopped covering Zepbound as a preferred obesity management medicine on some insurance plans, which has negatively impacted access for patients covered under these plans.”

Annual report 2025A · The company itself

“For example, health, environmental and other scientific studies and practices (such as changes to dietary guidelines or use of weight-loss medications), continuously evolve and may have contradictory implications, drive popular opinion, litigation and regulation, and alter consumer behavior in ways that affect the IEO segment or perceptions of our brand, generally or relative to available alternatives.”

Annual report 2025A · 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

“Table of Contents Furthermore, the broader alcohol industry is also experiencing a shift in consumer drinking preferences and behaviors due to, among others, downturns in economic conditions or perceived value, changing demographics and taste preferences, such as the expansion in above premium products, specifically flavored malt beverages, RTDs, spirit-based beverages, cider and other similar beverages, as well as a shift toward non-alcoholic beverages, health and wellness trends (including the use of glucagon-like peptide (GLP-1) agonists), as well as changes in consumers' perception of our brands and the brands of our competitors.”

Annual report 2025A · The company itself

“In our Prescription Drug (Rx) business, we are making strong progress with Flexilev®. The License and Supply Agreement signed with Orion Corporation in June marks a pivotal milestone. We are now diligently preparing for the commercial launch of Flexilev® in OraFID® across the Nordic countries in 2025. This novel treatment for Parkinson's disease, coupled with a unique dispenser, promises to improve patient outcomes.”

Annual report 2024A · The company itself

“Obesity management is another critical area of focus. Our currently largest product, Mysimba, continues to keep a solid position in Norway despite increased competition. We are committed to expanding our presence in the weight-loss drug market, underscored by initiatives such as The Norwegian Obesity Report 2025, including an educational seminar in Oslo early 2025.”

Annual report 2024A · 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

“Growth in Advanced Health & Nutrition was driven by APS and Human Milk Oligosaccharides (HMO).”

Annual report 2025A · The company itself

“In Early Life Nutrition, we continue to lead the market in probiotics and HMOs for infant formula.”

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

“Vid ett godkännande har OX124 potential att tillgodose behovet av ett högdoserat naloxonläkemedel för att återuppliva människor från överdoser, förorsakade av missbruk av syntetiska opioider, som otilllåtet tillverkad fentanyl.”

Annual report 2024A · The company itself

“For a discussion of our strategy and our business development initiatives, including our acquisitions of Metsera in November 2025 and Seagen in December 2023 and our in-licensing agreements with YaoPharma and 3SBio entered into in 2025 in the obesity and cardiometabolic diseases and oncology therapeutic areas, see the Overview of Our Performance, Operating Environment, Strategy and Outlook section within MD&A and Note 2.”

Annual report 2025A · The company itself

“Furthermore, our recent business development initiatives have been concentrated in certain therapeutic areas — for example, our acquisitions of Metsera and Seagen represent significant investments in obesity and oncology, respectively, which are extremely competitive therapeutic areas. In addition, revenues from Comirnaty and Paxlovid have decreased substantially over time and could continue to decrease.”

Annual report 2025A · The company itself

“Pihlajalinna Sydänkaista is an example of value-based care that reduces healthcare costs and morbidity while improving the individual customer’s quality of life. Another example of these types of development efforts is the Kevyt askel programme for treating obesity through a combination of lifestyle changes and pharmacological treatment.”

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

“◦New assay kits for Adeno-associated Virus Vectors (AAVs) and gene therapy applications in our range of HTRF® and AlphaLISA® reagents, for detecting and quantifying CHO HCP impurities in biotherapeutics development, as well as kits across oncology, neuroscience, and targeted protein degradation applications. ◦A broad portfolio of recombinant GPCR and ion channel cell lines, including over 300 products and 120 ready-to-use frozen cell lines for a wide range of disease areas. ◦Dharmacon® reagents and gene modulation technologies such as RNAi that support drug discovery and development for greater understanding of gene function, identifying genetic drivers behind human disease, developing and validating diagnostic workflows, and helping deliver biotherapeutics, cellular and gene therapies for precision medicine with a portfolio of cell engineering tools.”

Annual report 2025A · The company itself

“Shifts in consumer behavior, including dietary changes or use of weight-loss drugs, may also impact sales.”

Annual report 2025A · The company itself

“KARL THEDÉEN VD OCH KONCERNCHEF Vi investerar för framtida tillväxt Koncernens verksamhet Studsvik levererar tjänster till den internationella kärnkraftsindustrin och till tillverkare av medicinska isotoper.”

Annual report 2024A · The company itself

“Consumer eating habits could be affected by a number of factors, including changes in attitudes regarding diet and health (including shifting preferences for sustainable, organic and locally grown products, as well as alternative proteins) or new information regarding the health effects of consuming certain foods.”

Annual report 2026A · The company itself

“For life and annuity insurers, we offer digital solutions including electronic applications and policy administration systems to enable automated/accelerated triage, underwriting, fraud detection, and modeling.”

Annual report 2025A · The company itself

“We have seen this with the DDP4 combination products, the SGLT2 revolution past years and now also with the GLP-1 diabetes type 2 treatment with weight reducing effect. However, Metformin is used as baseline treatment and the combination drugs are typically added on top of Metformin, hence the future of Metformin looks positive.”

Annual report 2024A · The company itself

“2024 får en stark start med vår största uthyrning någonsin – 62 000 m till Novo Nordisk på Girostrøget 1 i Høje Taastrup.”

Annual report 2024A · The company itself

“Additionally, if the demand for offerings at our Concepts’ restaurants and other fast-casual or quick service segments of the retail food industry decreases or shifts as a result of wellness trends or changing dietary preferences, including as a result of developments in or the increased adoption of weight loss medications, our business and/or financial results may be adversely impacted.”

Annual report 2025A · The company itself

“Our success depends in part on our ability to anticipate the tastes, eating habits (including the impact of weight loss drugs), and purchasing behaviors of consumers and to offer products that appeal to their preferences in channels where they shop.”

Annual report 2026A · The company itself