Novo Nordisk: Financial statement for the period 1 January 2007 to 31 March 2007 (2 May 2007)
- Despite a significant negative currency development, Novo Nordisk reported 10% sales growth (16% in local currencies)
- Operating profit increased by 24% to DKK 2,327 million. Adjusted for the impact from currencies underlying operating profit increased by more than 35%.
- Net profit increased by 41% to DKK 1,709 million. Earnings per share (diluted) increased by 44% to DKK 5.35.
- As a result of the significant depreciation of key invoicing currencies versus Danish kroner, reported operating profit is now expected to grow by 6-8%. Measured in local currencies the expectation for growth in operating profit is increased to more than 15%, reflecting a sustainable improvement in gross margin.
- The Danish Government has recently proposed a change in the corporation tax regime. If adopted in its current form, Novo Nordisk's future income tax rate is expected, on a recurring basis, to be reduced by close to 2 percentage points.
Posted: May 2007