Good day, ladies and gentlemen, and welcome to the Q2 2012 Novo Nordisk A/S Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Jesper Brandgaard. Please go ahead, sir. Lars Rebien Sørensen: Thank you. I have to apologize. This is Lars Rebien Sørensen, the CEO of Novo Nordisk. With us, we have our Chief Financial Officer, Jesper Brandgaard; Mads Krogsgaard Thomsen, our Chief Science Officer; and also present are our Investor Relations officers. Today's earnings release and the slides for this call are available on our homepage, novonordisk.com. The conference call is scheduled to last approximately 1 hour. And as usual, we'll start with an outline of the conference call on Slide #2. The Q&A session is expected to begin in about 25 minutes. Turn to Slide #3. As always, I need to advise you that this call will contain forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause the actual results to differ materially from expectations. For further information on the risk factors, please see the earnings release and the slides prepared for this presentation. Please note that the conference call is being webcast live and a replay will be made available on Novo Nordisk's website after the call. Turn to Slide #4. We're very satisfied with the performance of the first 6 months of 2012. Sales increased 12% in local currencies compared to the same period in 2011. The sales growth has predominantly been driven by strong performance in North America and International Operations. Key sales drivers have been Victoza and our modern insulins, in particular, NovoRapid and Levemir. The regulatory review of Tresiba and Ryzodeg progressed in all major markets. In the United States, the FDA has tentatively scheduled an advisory…

Thank you, Lars. Please turn to the next slide. Let me start with a brief update on Tresiba and Ryzodeg. The regulatory reviews are progressing in all major markets. In the U.S., the FDA has now scheduled an advisory committee meeting covering both products on 8th of November. We hope to be able to provide an update regarding the focus of AdCom meeting as part of our third quarter announcement. The Japanese and European regulatory reviews for Tresiba and Ryzodeg are progressing well, implying that regulatory action during the second half of this year is likely in these regions. Please turn to the next slide for an update on IDegLira. IDegLira, the combination product between Tresiba and Victoza has completed the first trial in Phase III development called the DUAL program. This is, by far, the largest Phase III trial, is the DUAL I that encompass more than 1,600 subjects with type 2 diabetes, inadequately controlled on metformin plus/minus Pioglitazone at screening. These patients were randomized 2:1:1 to 26 weeks of once-daily treatment with either IDegLira, Tresiba or Victoza, all in a prefilled pen injector. From a mean HbA1c of 8.3% at baseline in all groups, patients randomized to the Tresiba and Victoza control arms are seeing excellent glucose control with an end HbA1c that reached the 7% ADA target for glycated hemoglobin, while patients randomized to IDegLira experienced a statistically significantly greater A1c reduction, down to 6.4%. Consistent with the 6.4% A1c achievement, an extremely high proportion of IDegLira patients, 70%, reached the AACE glycemic target of an A1c below 6.5%, substantially higher than in the control arms. Despite the low hypoglycemia rate being observed in patients treated with Tresiba, the IDegLira group experienced an even lower rate of confirmed hypoglycemia than what's statistically significant versus Tresiba. While it…

Thank you, Mads. Please turn to the next slide. In the first 6 months of 2012, sales increased by 17% measured in Danish kroner to DKK 37.2 billion, and by 12% in local currencies. The reported gross margin improved by 130 basis points to 81.7% in the first 6 months of 2012. The improved margin is mainly due to the favorable price environment in North America, a positive impact from product mix due to increased sales of modern insulins and Victoza, supported by a 50-basis-point impact from the positive foreign exchange environment. Total non-production-related costs increased by 7% in local currencies and by 11% in Danish kroner to DKK 16.7 billion. Sales and distribution costs increased by 13% in Danish kroner and by 8% in local currencies. The growth in local currencies is primarily driven by increased marketing cost in the U.S., sales and marketing investments in selected countries in the region International Operations, as well as the sales force expansion in China mid-2011. Research and development costs increased by 10% to DKK 5.1 billion and by 8% in local currencies, mainly driven by the development cost related to the ongoing Phase III trial for the liraglutide in obesity and the Phase III trials for IDegLira. For biopharma, costs are primarily related to the continued progress of the portfolio of development projects within hemophilia and the Phase II trial for Anti-IL-20 in rheumatoid arthritis. Operating profit increased by 31% in the first 6 months to DKK 14 billion, in local currencies, the growth of almost 21%. Net financials showed a net expense of DKK 1,038,000,000 in the first 6 months compared to a net expense of DKK 25 million in the first 6 months of 2011. In line with Novo Nordisk's treasury policy, the most significant foreign exchange risk for…

[Operator Instructions] Our first question comes from Sachin Jain of Merrill Lynch.

Sachin Jain from Merrill Lynch. A couple of questions, please. First on degludec and the regulatory discussions. Just broad question, any issues being discussed with the FDA that are not commonly being discussed in the investment community? So anything outside of open label, launch's timing, strength of hyphal data, flexible dosing that we should be aware of. Background to the question is just with Victoza, obviously, the thyroid issues came up quite late. So is there anything similar happening there? And then related, I think you commented that you'll have further color of the third quarter results. Just what will you have by then that you don't have now from your perspective? And then secondly, as we think about a potential degludec label in the U.S. and what you may be able to promote, I wonder if you could describe how you were able to market, especially superior hypoglycemia profile for Levemir versus human insulin with -- while the label for Levemir doesn't have that data explicitly claimed? Lars Rebien Sørensen: Thank you very much, Sachin. This is Lars Rebien here. Mads Krogsgaard, I believe, you are on for the first couple of questions here. Degludec, any color that you want to give on the discussion we've already had with the FDA and what news you anticipate that we might have which we can share with the community in the Q3 release that we'll have at the 31st of February -- no, October, sorry.

Yes, well, first of all, Sachin, we are not -- have not been informed by the agency what the specific focus of the outcome will be at this point. And of course, we are hoping by end of Q3, i.e. the company announcement in late October that we will be able to put more color on that, because we will know more at that point. In terms of the scope and focus, what I can tell you is that in the case of liraglutide, we have the preclinical findings, by the way, that are shared by all GOP -- [indiscernible], i.e. the seesaw [ph] findings that occur in rats, mice, but not in monkeys and humans, and those were clearly there. And as you recall, they were heavily debated during that second day of the meeting. In the case of degludec, we do not have any preclinical findings suggestive of such, you can say, a surprise. But we'll get back to you hopefully over the next quarter on that one. I think the other one was about Levemir, where we have got a new label, by the way, recently in the U.S. What I can tell you tell you, Sachin, is that you can actually promote certain data that are not found directly in your label for a product if that data is, a, consistent with the label and if the data are sufficient to meet the agency's, what we call, evidentiary standard for those particular claims. This is also reflected by such material having to be approved by the FDA's Office for Prescription Drug Promotion, known as the OPDP and formerly known as DDMAC.

Just one quick follow on, so really, you don't know what the outcome may be related to, based on the discussions to date. Is there anything outside of what's been discussed in your investment community being discussed with yourself and the regulators? Lars Rebien Sørensen: I think my understanding is that the investment community is discussing just about everything. So I'll have to investigate further, Sachin, and read all the reports.

Our next question comes from Richard Vosser of JPMorgan. Richard Vosser - JP Morgan Chase & Co, Research Division: Richard Vosser from JPMorgan. A couple of questions, please. First question just on the figures, and whether you've seen any receivables coming back from Southern Europe, whether you've been paid for those. We've seen that with a number of companies this quarter. And linked to that, whether you could let us know whether any of these debts have been previously written off, so there could have been a positive impact on sales this quarter. Second question along those lines is just whether you see any future impacts from healthcare reforms in H2. Clearly, the insulin growth rates are looking very good, but whether we would see any further reforms coming. We've heard from some companies about potential price cuts in Italy, just your perspective there would be great. And then finally, on the combo, you mentioned that a significant improvement in the mealtime glucose overall meals, just wondering whether you could give us an idea of what the differential effects on each of the meals would have been. Was there an effect that was higher, the first meal after dosing, or was it relatively stable across all meals? And finally, whether all the products were dosed at the same time in the trial, that would be great. Lars Rebien Sørensen: Thank you very much, Richard. The first 2 questions I'd like to defer to Jesper, dealing with receivables coming out of Southern Europe and to what extent that has included debt, which is already been written off, and has been a positive once off, as you indicate. And then also, what our current assessment, which goes into the guidance on further healthcare reforms are included. Jesper?

In terms of receivables in Southern Europe, the way that we actually record the provisions show that when we make provisions for our receivables, they would actually be included in the selling and distribution line. So if it's a selling and distribution cost, the sales would have been recorded. So there's no effect on the sales from changing the provision levels for Southern European debt, and if we look at the sales and distribution cost line for the second quarter, and also if we look at it for the first half year, there is no significant impact from changes in provisioning levels occurring as for the first 6 months of the year. But changes in provision levels would typically go through as a reversal on the selling and distribution line. But that is not the effect -- that's not the case for the first 6 months. And again, we do make ongoing provisions for the sales we are having if they become more than 90 days overdue, and we're seeing -- still seeing slow payments from the public part of the system, whereas the traditional distribution system for our insulin that flow through the pharmacies, we are seeing a continued payment scheme and no significant change in our days of sales outstanding in Southern Europe. So I'd say no specific concern there. In terms of the expectations we have given for local currencies sales growth of 9% to 12%, that includes a continuation of expected healthcare reforms in Europe. It is not so that we are hitting any individual or in any -- in all countries in one go. It will be country by country. Currently, we are feeling impact from, especially, a reform in Poland. Overall, I would estimate the annual effect in Europe -- on European sales to be in the magnitude of, let's say, 3% to 4% of European sales. And that will be equivalent to close to 1% of global sales. And that is the going rate that we have assumed for the full year. Lars Rebien Sørensen: Thank you very much, Jesper. And then on to Mads, give a little bit more light on the mealtime related effect of this combo product and whether or not there were any difference in timing of dosing of the individual components.

Yes, well, first of all, Richard, I will remind all of us [indiscernible] Montpellier, that was published back in 2003, that actually defined what are the contributions of postprandial glucose to hemoglobin A1c and what are the contributions of fasting glucose to A1c. And for those who haven't got time to read it, a recap is to say that at high A1c levels, 70% of A1c is governed by fasting glucose and 30% by postprandial glucose, and that's when you have 9% to 10% A1c. While at low A1c levels, around the 7% level and 6.5%, it is the reverse. That 70% is governed by PPG and only 30% by the fasting glucose. And that means to say that what we are talking about here is that you have to improve the postprandial glucose control at all 3 meals to be able to take any diabetic subject from a level of around 7% down to below 6.5%. That is what the Romans call a [foreign language]. Now what has been going on in IDegLira in DUAL I is that patients have been allowed to take it any point in time, and that means in the morning, in the evening, during the day. And our view is that there's a split between morning and evening users, and early evidence shows that it doesn't make any difference because of the long action profiles of these compounds. Now importantly, we not only monitor by 9 points of measured plasma glucoses, but also by continuous glucose monitoring, also known as CGM. And what we found is that there are equal and highly significant reductions mediated by liraglutide in the IDegLira component across each and every single of the 3-meal dose of the day. And that is also reflected by the notion that fasting glucose levels in IDegLira was similar and not different from those in the Tresiba arm, suggesting and proving that it is indeed the postprandial glucose excretions that are significantly ameliorated towards the level of people with normal excretion, i.e. non-diabetic. Lars Rebien Sørensen: Thank you very much. I hope that clarifies, or at least shed some light on the last question.

Our next question comes from Michael Novod of Nordea.

It's Michael Novod from Nordea Markets in Copenhagen. Just 2 questions to the pipeline. First of all, a follow-up on IDegLira. Could you perhaps provide some light on your strategy? Now you've shown superiority in this study to each of the components, and going forward, how should we see this positioned in the market? You're filing within the next 19 months, so it's rather close to the markets, so it will be interesting to learn a bit more about that, also regarding potential pricing, et cetera. And then secondly, perhaps provide more flavor on the semaglutide Phase III program in terms of the dose or the doses you are selecting for the Phase III development, that would be very much appreciated. Lars Rebien Sørensen: Thank you very much. This is Lars Rebien here. And Mads, you can prepare yourself for the semaglutide Phase III dosing question. In terms of the positioning of IDegLira, these results are not entirely surprising. And since we've basically been able to show that when we put the 2 products together, you get basically the effect that you would have anticipated if you'll model it. And then you got -- because of the sort of, you could call it, intelligent effect, a glucose-dependent effect of Victoza, you get the ability to drive HbA1c further down without any unwarranted [ph] effect when making the combo. This is all the things which we had hoped for and anticipated. Now the key question here is, of course, how to position this going forward? There are, presenting itself, a number of options. One would be to intensify treatment for Victoza patients that are failing or are finding it difficult to retain their HbA1c levels. Another opportunity would be to stop patients on the combo if they had a very, very…

Yes, semaglutide, as I understand it, the question related also to dosing in Phase III. So Phase III, first of all, is a very big program. 8,000 patients in the sustained program is a lot, and is of course driven by the [indiscernible] guidelines of the FDA and soon to be, actually this autumn, also by the European authority. And that is also why the first trial we're going to start is going to be a [indiscernible] trial where we're going to measure for a couple of years in high-risk patients outcomes such that this will enable a new drug application as soon as possible. Now the Phase II data that you may have seen on the EASD website are very powerful in terms of the A1c reduction. In fact, it's the first GLP-1 agonist that has shown higher A1c reductions than liraglutide; it normally is the other way around. Now then the question is which doses to select, and we selected a couple of doses. And let me just say that they are selected in such a way that, a, we should be able to beat the existing -- or sorry, we are going to set out to beat the existing once-weekly GLP-1 on the market based on efficiency, simply; and, b, we will have a competitive offering where people either can have a fully glycemic efficacious dose or one that may add the benefit of some more weight loss, as is much the case for Victoza today. Lars Rebien Sørensen: Thank you very much, Mads. I hope that answers the questions.

Our next question comes from Peter Verdult of Morgan Stanley.

Peter Verdult here for Morgan Stanley. Just two I want to focus on with Jesper, and maybe Lars and Mads. Just, Jesper, can you just remind us how much the 10,000 patient BEGIN and BOOST program for degludec cost to run? And maybe give a ballpark figure for the costs relating to the launch of degludec that's being pushed now into 2013. A quick add-on there is just U.S. pricing trends across the insulin portfolio for the industry continues to the price on the upside, just wondering what your thoughts are there. You've been pretty relaxed about the ability to put pricing through in the U.S. I'm wondering if that has -- that you become more confident, or has anything changed as you get the crystal ball out and look out a few years? And then just coming back to the obvious question around the AdCom. I'm still puzzled by the FDA's decision to convene this AdCom so late in the file. I realize it's their prerogative to do so and that you're not going to a lot of details with respect the ongoing discussions. But just to be absolutely clear, I know the question has already been asked earlier in the call, but you talked about no preclinical signal. I just want to be absolutely clear. In the past, you've been on record as saying there's no safety signal in data package. I first want to make sure that's the case. And then secondly, if that is the case, can we assume that it's all focused on the strength of the data allowing you to make claims on high post and dosing flexibility? Just some sort of help and insight there would be appreciated. Lars Rebien Sørensen: Thank you very much. Firstly, Jesper, can you take care of the BEGIN and BOOST, the cost associated with that trial, and then also share a little light on the magnitude of the cost that we had to defer through 2013. Then I'll comment a little bit on the U.S. pricing. And then Mads will try to go around the subject again which is so difficult to address, but please, Mads.

The BEGIN and BOOST trials that we ran for Tresiba and Ryzodeg was a 10,000 patient trial run over 1.5-year period or so. And I think, as a rule of thumb, it's fair to say that it will cost you in the ballpark of DKK 100,000 per patient. So you'd get to a number very close to DKK 1 billion or so for this trial, or around, ballpark figure, USD 200 million. In terms of the Tresiba launch, we have to note that the costs that had been deferred are solely the launch marketing cost that has been deferred into '13, whereas the cost of expanding the sales force was still beyond the taking and, of course, there was simply a higher focus on marketing of Victoza in the second half of 2012. So those costs will still be incurred. And so I think if you give a ballpark figure, it would be something in the magnitude of 0.5 percentage point on the S&P ratio that has been impacted. But again, it -- the precise effect of that will have to come down to what is the outcome of the AdCom and then how quickly can we ramp-up for a potential launch in the U.S. But in ballpark of 0.5 percentage point, I think, that's a reasonable estimate. Lars Rebien Sørensen: And on the U.S., of course, it is interestingly ironic enough that nothing is disappointing that is not good for something, and the fact that we are now having to plan with a launch of degludec or Tresiba in the beginning of '13 means that we have full marketing power on Victoza and on modern insulins. And they are actually the product that are driving the predominant part of the growth in the first half. And so this will strengthen our case and situation in the U.S. where we have a good momentum behind our insulin business. With regards to pricing, yes, it is perhaps surprising that it is -- we've been able to follow the competition in terms of increasing prices in general on insulin products to the tune of some 6%, 8%, 9%, in that order of magnitude. You've got to bear in mind though, that these are list price adjustments and they are often associated with very significant repays, but the flow-through on our net sales is much, much less than the increases that you hear and refer. In terms of going forward, I think our picture is still the same, that we would be expecting that we'd see relatively modest price increases going forward. So -- but it's all determined by the competitive situation. And so far, it is predominantly been: Leary [ph] and ourselves that determine the price list of insulins in the U.S., with, of course, Sanofi driving the basal price level, given they're the leaders in this segment in the U.S. But there's still caution about the outlook going forward. Mads?

Yes, well, first of all, I just remind all of us that things have happened since the former generation of insulin such as Lantus and Levemir, and these are along 3 lines. One is that in 2007, the FDA issued their Amendment Act according to which numerous entities, as a default position, will undergo an advisory committee unless there were specific reasons why they need not to do so. And since then, we've also seen the advent of 2 sets of FDA-mandated guidelines within diabetes, a general development guideline and a CV guideline. So when we moved specifically to degludec, 2 things before I go through specific data or the data and such. One is that degludec has been proven and submitted in the dossier to work as insulin, and only as insulin, period. Doesn't buy into any other receptor, it has an on and off rate constant basis compatible with that of human insulin and so on and so forth. So degludec is to be an insulin with an ultra-long action profile. And by the way, the way it's degraded by the body, whether it's animals or humans, is into natural ingredients such as carbon dioxide, amino acids that can reenter the pool of substrates in the body, and water. Finally, we have not had any statistically significant findings at or preclinically or clinically in the statistical analysis plans that have been incorporated in the various protocols and studies, aside of the benefits we are seeing on hypoglycemia, which we've discussed many times. Lars Rebien Sørensen: So I guess that is as close as we can get to it. Mads, thank you very much, and thanks for the questions, Peter.

Our next question comes from Keyur Parekh of Goldman Sachs.

I have two, if I may. Lars, I realize this is kind of fairly early in the year for you to give us any specifics around the next year. But just as we think about some of the pushes and pulls on the margins, given the cost phasing into next year, how should we think about the broader operating margin picture for next year? And secondly, as we look at the guidance and what it implies on a local currency basis, you had originally stated that we should expect NovoSeven to be flat for this year, but the second quarter was slightly ahead of expectations. Is the original guidance for flat NovoSeven for the full year still valid, or should we assume that it will grow, and if that was driving the upgrade to your local currency guidance? Lars Rebien Sørensen: Thank you very much. Yes, you are -- this is Lars Rebien here. Yes, we are a little bit early in terms of discussing 2013. But you can say in a way that we anticipate that we would have cost pressures in 2012 because of the launch of Tresiba and Ryzodeg. These launch costs are primarily being deferred onto '13. Of course, with some potential for impact in Europe and Japan of a launch late in the year, but that will be so marginal that it doesn't really have any impact. So we will be anticipating that we can look at a sales growth in the area of around double-digit, then we will have a cost pressure next year, which will put pressure on our ability to grow operating margins. Our long-term operating margin target has been 15%. This is where we are guiding right now. So I would anticipate that next year, that number will come down as a result of the launch of these products globally. And then with regard to NovoSeven, yes, we had a rebound in the second quarter. Our overall anticipation for the full year is still flat. So we have not included any continuous rebound of NovoSeven. When we look at the usage in the second quarter, it is predominantly situated around some individual patients to hide bleeding that have had serious incidents, and therefore, not likely to repeat itself with any irregularity. But it does occur, occasionally, and we've seen the positive effects of that in the second quarter of this year.

And in terms of the change in the sales guidance, largely due to no effect from the NovoSeven side, the quotation included there for a later event occurring of generic competition for a brand in the U.S. and also a slightly better pricing environment in the U.S., those would be 2 key factors in the approximately mid-point 1% of drop rate. Lars Rebien Sørensen: Solid business performance, so that's what gets you to the upgrading of the sales from Novo Nordisk.

Our next question comes from Jo Walton of Crédit Suisse. Jo Walton - Crédit Suisse AG, Research Division: I've just got 2 quick ones. First one is, what would you do in terms of pricing for the degludec, DegludecPlus if you don't get your superiority claim? And secondly, I wonder if you could update us as to any formulary negotiations you may have been able to make for next year. This seems to be the beginning of the formulary season, how should we look at that for next year? Lars Rebien Sørensen: Jo, this is Lars Rebien here. I'd like to get an approval first before we start to speculate on an internal label that we discuss from. So therefore, I don't want to speculate into a hypothetical scenario of not being able to get the hypog claims. We have strong hopes and optimism that we will get some kind of hypog data, if not claims, that we can promote these products on. And we hope, in fact, that we will be able to use the AdCom to demonstrate to the agency and the experts how important hypoglycemia is. And so the outcome is, of course, one thing that they want to review with, but we also have to highlight the benefits and we're certainly going to do that. So I don't want to speculate on a negative hypothetical scenario, because I don't think it's going to happen. Jesper, do you have any comments on the formulary other than to say that we reacted to quite aggressive pricing strategy from our competitors about a year ago? You have seen the result of this, and you can say by doing so, we've sent a signal that we want to stay competitive. And so our action on formulary negotiations will be dealt with according to the competitive scenario for each individual main scale organization. The upside, whether it's exclusive or whether it's nonexclusive, what our current market share is, with a particular health organization, whether they can pull patients and switch patients on competitive [indiscernible]. It's a very complex picture. And you can rest assured that we will stay competitive also going forward.

And with a -- Jo, with a very significant price competition occurring in the declining human insulin segment in the U.S.

Our next question comes from Martin Parkhøi of Danske Bank. Martin Parkhøi - Danske Markets Equities, Research Division: Martin Parkhøi from Danske Bank. First, a question to Mads regarding liraglutide in obesity. I know, of course, a lot of discussion is whether or not you need to do additional CV studies ahead of approval. Can you tell us, in your discussions with FDA, when can you actually get clarity on this? Can you actually already getting clarity of this, this year, and would you communicate that to the market? And then secondly, with respect to China. we see some pipe-grade [ph] volatility in your growth rates in China with Q2 being quite good. Are there external things in this? How should we see it long term, are we still at the 15% insulin growth level? Lars Rebien Sørensen: Thank you very much, Martin. Mads Krogsgaard [indiscernible] obesity, [indiscernible] requirements, and when are they going to say something?

Yes, well, first of all, Martin, it is -- you're probably also aware, typical that a company like Novo Nordisk, and in this case, we certainly have done so, will have discussed with the agency under the circumstances that prevailed at that point where you had the discussion. We did indeed ask these questions about calculate [ph] the profiling, the leader program done for liraglutide in diabetes and all the overall studies that have been done at the doses that are relevant in diabetes and what we intended to do in the Phase III scale program. And at that point, when we had this discussion, it was deemed to be sufficient evidence for the calculate [ph] the safety of the liraglutide without further pre-approval a 3-milligram studies related to cardiovascular risk in the obesity setting. Of course, we're also cognizant the notion that the FDA is coming up with obesity CV guidelines potentially later this year. And if and when they are published, it is of course highly relevant to discuss with the agency how to handle those products that have been called in the interregnum period between one and the opposite of guidelines but at this point, there are no specific plans to do so, because we've had the discussion previously. Lars Rebien Sørensen: Thank you. And then Jesper onto China, any comments? Are there any extraordinaries in there, and what should we think about as growth rate is going forward?

The China business for Novo Nordisk is more or less, solely a diabetes care business. And the guidance that we've provided historically would be an expectation to a growth in the ballpark of 15%. And I think that's still a very meaningful guidance for 2012. And the numbers, I'd say here, are of course in local currencies. If you look at it, year to date, we have been looking at a growth rate in China in the ballpark of 13%. But I do note that the comparisons going into the third quarter will be easier. And actually, the second quarter did see some higher level of growth. I think local currency growth in China was about 18% in the second quarter, and that was reflecting the impact on the change of price in the -- occurring in China where there was some insulin restrictions that were already imposed in Q2 last year, and that impacted the growth in Q2 alone. And Q3 last year, we've had a change in the pricing for the human insulins in China occurring, and hence, when we get to the full year, I'm pretty confident we'll be in the 15% ballpark. There is an uncertainty factor surrounding potential price reform for -- also impacting the modern insulins, and especially for Novo Nordisk, the NovoMix in China being a very significant product. And we saw, when the price reform was impacted last time, there was an immediate significant stopping effect. And hence, whether or not there will be a pricing reform impacting NovoMix in China, in the second half of the year, it could impact overall growth number. But 15% will be the ballpark.

Our next question is from Brian Bourdot of Barclays.

It's Brian Bourdot from Barclays, calling from London. I'd like to ask you about 2 areas, please. The first is vatreptacog alfa, and the second is the insulin markets. First on vatreptacog, could you tell us, please, what the overall incidence of antibody formation is with NovoSeven in your experience? I think the label describes it as isolated. And what the clinical consequences are for someone who develops neutralizing antibodies in this setting with the alternative treatment options such as bypass and therapy are still available. And also whether there are any similarities in structure formulation or excipients between vatreptacog and any of the other drugs that you're developing in your homeostasis programs. So that's vatreptacog. The second thing I'd like to ask you about, please, are the insulin markets. Despite the obesity diabetes pandemic in the developed world and increased life expectancy, insulin volumes don't seem to be growing in Europe or Japan. I know you've spoken about this before, but I was wonder if you could offer any updated thoughts on the dynamics occurring in these markets. Lars Rebien Sørensen: Yes, certainly we would like to do that. And, Mads, why don't you start giving your perspective and some insight into the formation of the antidrug antibodies for NovoSeven as we know it from our clinical experience?

Yes, well, so first of all, NovoSeven has been on the market since 1996 in Europe at least. And that means that we have seen 16 years of experience, and we have never seen inhibitory or even antidrug antibodies in inhibitor patients. The only 3 instances where we've seen them is in patients that were congenitally born, or i.e. had congenital deficiency of factor VII. They would recognize it as a non-cell protein and generate antidrug antibodies. So for NovoSeven, it is a clear situation. There is not such an occurrence. For vatreptacog, we have seen that in some patients, and since we are only dealing with 72 patients here, we are in a situation where this is worrisome. The fact that whether it's clinically neutralizing or not, we don't know yet, because we haven't seen the clinical trial results. But we have not seen in a blinded manner at least any dramatic situation where people have not been able to treat themselves with the agents that include the vatreptacog and NovoSeven in the drop randomized fashion. But of course, with a safe agent like NovoSeven, it will never be good news for neither vatreptacog nor any inhibitor agent for that matter if it conveys antidrug antibody risk. The other pipeline parts in ATP, vatreptacog and in ITP, they have the good fortune of being non-mutated, i.e. they're not analogues. One of them is just [indiscernible] truncated version of native factor VIII, that's turaptacog [ph], and the 2 others, they actually released the active native VIIIa and IXa respectively, upon cleavature [ph] of the activation peptide, so they are non-altered molecules. Lars Rebien Sørensen: And then onto the insulin market, and thank you for that question. Yes, it is -- if we look at the overall insulin market globally, we…

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