Interim Financial Report for the Period 1 January 2010 to 30 June 2010 (5 August 2010)

Novo Nordisk increased operating profit by 19% in the first half of 2010
Sales growth of 14% driven by modern insulins and Victoza®.

Sales increased by 14% in Danish kroner and by 11% in local currencies.

• Sales of modern insulins increased by 22% (19% in local currencies).
• Sales of NovoSeven® increased by 11% (9% in local currencies).
• Sales of Norditropin® increased by 8% (6% in local currencies).
• Sales in North America increased by 21% (20% in local currencies).
• Sales in International Operations increased by 17% (12% in local currencies).

Gross margin improved by 0.6 percentage points in Danish kroner to 80.5% in the first six months of 2010, primarily reflecting a positive product mix development.

Reported operating profit increased by 19% to DKK 9,423 million. Adjusted for the impact from currencies, operating profit in local currencies increased by around 15%

Net profit increased by 21% to DKK 6,872 million. Earnings per share (diluted) increased by 25% to DKK 11.63.
 

The global roll-out of Victoza® is progressing well. In the US, Victoza® has now achieved 27% GLP-1 market share of total weekly prescriptions for the week ending 23 July 2010, and the product has also been launched in Japan and Canada.
 

In June 2010, Novo Nordisk announced that the enrolment of patients into the global phase 3a programme for Degludec and DegludecPlus has been completed.
 

The first phase 3a results for DegludecPlus in type 1 diabetes substantiate that DegludecPlus lowers blood glucose long-term whilst at the same time reducing hypoglycaemic events.
 

The guidance for 2010 has been raised; sales growth measured in local currencies is now expected to be 9-10%, and operating profit growth measured in local currencies is now expected to be 12-15%.

Lars Rebien Sørensen, president and CEO: "The underlying business growth is solid, driven by our portfolio of modern insulins and Victoza®, and we therefore raise our guidance for 2010. We are also very encouraged by the continued progress within our pipeline including both new insulins, liraglutide for obesity and haemostasis projects."

Full Report

Contacts for further information:

 

Posted: August 2010

View comments