Novo Nordisk A/S
Copenhagen : NOVO B

October 31, 2012 02:49 ET

Novo Nordisk increased operating profit by 34% in the first nine months of 2012

BAGSVAERD, DENMARK--(Marketwire - Oct 31, 2012) -

* Sales grew 18% to 57.1 billion in Danish kroner and by 11% in local currencies.

Sales of modern insulins increased by 21% (14% in local currencies).

Sales of Victoza(r) increased by 74% (64% in local currencies).

Sales in North America increased by 30% (19% in local currencies).

Sales in International Operations increased by 19% (16% in local currencies).

* Reported gross margin improved by 1.5 percentage points to 81.9%.

* Reported operating profit increased by 34% to DKK 21,902 million. Measured in local currencies, operating profit increased by 21%.

* Net profit increased by 26% to DKK 15,677 million. Earnings per share (diluted) increased by 31% to DKK 28.32.

* The regulatory process for the new generation insulins, with the intended brand names Tresiba(r) and Ryzodeg(r), continues to progress in the major markets. In Japan, Tresiba(r) has now been approved and in Europe, CHMP has issued positive opinions for Tresiba(r) and Ryzodeg(r). In the US, the FDA has disclosed that the Advisory Committee meeting to discuss the new drug applications on 8 November 2012 will focus on the benefits associated with a lower risk of hypoglycaemia and the cardiovascular risk profiles of the two products.

* For 2012, sales growth measured in local currencies is now expected to be 10-12% (previously 9-12%), and operating profit growth measured in local currencies is now expected to be 16-18% (previously around 15%).

* The preliminary outlook for 2013 indicates high single-digit sales and operating profit growth, both measured in local currencies. The outlook includes an expected positive sales contribution from Tresiba(r), primarily in the US, EU and Japan, countered by an impact from the challenging operating environment in major markets. In addition, the outlook for operating profit reflects significant costs related to the expected launch of Tresiba(r).

Lars Rebien Sørensen, president and CEO: "Continued strong sales of our modern insulins and Victoza(r) have led to a robust financial performance in the first nine months of 2012. The approval of Tresiba(r) in Japan and the positive CHMP opinions in Europe for Tresiba(r) and Ryzodeg(r) constitute two significant milestones in the process of bringing this new generation of insulin to the market."

Company announcement No 70 / 2012:

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Source: Novo Nordisk A/S via Thomson Reuters ONE


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