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00:00WE ' RE JOINED BY THE CHIEF EXECUTIVE. LARS FRUERGAARD JORGENSEN. THANK YOU FOR JOINING " BLOOMBERG SURVEILLANCE. " I WANT TO ASK YOU ABOUT HOW YOU ' RE GOING TO STRENGTHEN SOME OF THE THINGS YOU ARE FOCUSED ON, SUCH AS BIOFARMA. HOW MUCH WILL MNA PLAY A ROLE IN THAT? LARS: WE SEE OUR BIOFARMA IS GROWING 4%. WE ARE QUITE PLEASED AFTER THE DECLINE WE HAVE SEEN FOR A COUPLE OF YEARS. WE SEE WITH THE FULL PORTFOLIO OF PRODUCTS WE HAVE WE CAN CONTINUE TO DRIVE, BUT WE WOULD LIKE TO COMPLEMENT THAT WHERE WE CAN ADD VALUE TO THOSE. IT IS ON THE TABLE, BUT IT IS ENCOURAGING. FRANCINE: WHERE DO YOU SEE PRICES FOR DRUGS GOING IN THE UNITED STATES? LARS: THERE HAS BEEN A LOT OF TALK ABOUT PRICING. WE CAN SEE FOR THE TOTAL MARKET, THE THREE LARGE MANUFACTURERS, THE VALUE HAS COME DOWN BY 10%. THE WHOLE MARKET IS DOWN BY 10% YET VOLUMES ARE UP SO MANUFACTURERS ARE GETTING LESS AND LESS. WE THINK THAT TREND WILL CONTINUE FOR THE COMING PERIOD. FRANCINE: IF THAT TREND CONTINUES, DOES IT MEAN SOME BUSINESSES WILL HAVE TO GO OUT OF BUSINESS, OR THAT CONSOLIDATION IN THAT MARKET IS ESSENTIAL? LARS: WE ARE COMMITTED TO KEEP SUPPLYING AND INNOVATING. WE BELIEVE IN AN OPPORTUNITY TO INNOVATE. WE HAVE VERY STRONG EXPOSURE TO AN ALTERNATIVE DRUG CLASS USED IN DIABETE -- TYPE TWO DIABETES LATEST INNOVATION IS BEING LAUNCHED IN U.S. MARKETS IS DRIVING GROWTH IN THE MARKETS AND HAS BECOME A BLOCKBUSTER. WE SEE SIGNIFICANT OPPORTUNITY FOR DRIVING GROWTH AND HELPING PATIENTS LIVE WITH DIABETES. TOM: YOUR INCOME STATEMENT IN KRONA OR DOLLARS IS EXQUISITE. YOUR SHAREHOLDER RETURN IS APPLE-LIKE, 21.3% PER YEAR FOR 10 YEARS. HOW DO YOU SEND OFF THE BIG BOYS? WHAT IS THE CORPORATE OR NATIONAL STRATEGY OF DENMARK TO STAY INDEPENDENT AND PUSH OFF THE GIANT COMPANIES THAT WOULD LOVE TO TAKE YOU OUT? LARS: THAT IS A GREAT QUESTION. I WOULD SAY WE HAVE A PATIENT-FOCUSED CLOSE TO 100-YEAR FOCUS ON DIABETES SO WE KNOW IT BETTER THAN ANYONE. WHEN YOU STAY CLOSE TO YOUR CORE YOU ARE MORE SUCCESSFUL THAN MOST PLAYERS. IT IS IMPORTANT TO MENTION WE HAVE AN OWNERSHIP STRUCTURE THAT WILL MEAN WE STAY INDEPENDENT FOREVER, BASICALLY, BECAUSE WE HAVE MAJORITY OWNERSHIP. THE FOUNDERS PLACE CONTROL IN A FOUNDATION WHICH MEANS WE HAVE LONG PERSPECTIVE ON HOW WE CONDUCT BUSINESS, FOCUS ON HOW WE DRIVE INNOVATION. .

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Novo CEO Jorgensen on Biopharma, Insulin Prices, Innovation

Novo Nordisk A/S Chief Executive Officer Lars Fruergaard Jorgensen discusses the firm's biopharma business, drug prices and growth opportunities. He speaks on "Bloomberg Surveillance" after the world’s biggest maker of insulin raised the lower end of its sales forecast as its key new diabetes drug Ozempic attained blockbuster status. (Source: Bloomberg)

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