Novo Nordisk increased operating profit by 18% in 2011
Sales growth of 9% driven by Victoza®, NovoRapid® and Levemir®
* Sales increased by 11% in local currencies
and by 9% in Danish kroner.
o Sales of modern insulins increased by 11% (8% in Danish kroner).
o Victoza® sales of DKK 5,991 million (growth of 159% in Danish kroner).
o Sales of NovoSeven® increased by 7% (4% in Danish kroner).
o Sales in North America increased by 18% (13% in Danish kroner).
o Sales in International Operations increased by 17% (12% in Danish kroner).
* Gross margin improved by 0.4 percentage point in local currencies, reflecting a favourable product mix development. Measured in Danish kroner, the gross margin increased by 0.2 percentage point to 81.0%.
* Reported operating profit increased by 18% to DKK 22,374 million. In local currencies, operating profit increased by 22%.
* Net profit increased by 19% to DKK 17,097 million. Earnings per share (diluted) increased by 22% to DKK 29.99. A dividend of DKK 14.00 per share is proposed for approval at the Annual General Meeting - a 40% increase compared to 2010.
* The regulatory reviews for the new ultra-long-acting insulins Degludec and DegludecPlus are on track. In the US, a regulatory action date of 29 July 2012 has been issued by the FDA. In Europe, the regulatory review is also progressing according to plan.
* Novo Nordisk has successfully completed the phase 3a programme for turoctocog alfa, a recombinant FVIII for treatment of haemophilia A, and currently expects to file for marketing authorisation in the second half of 2012.
* Lars Rebien Sørensen, Novo Nordisk's President and CEO, has accepted a proposal by the Board of Directors to extend his contract by three years with expiry in 2019.
* For 2012, sales growth measured in local currencies is expected to be 7-11%, and operating profit growth measured in local currencies is expected to be around 10%.
Lars Rebien Sørensen, president and CEO: "2011 has been a very positive year for Novo Nordisk, with Victoza®, NovoRapid® and Levemir® continuing to drive strong sales growth. In addition, we saw significant progress for our portfolio of clinical development projects which is very encouraging for the long-term outlook for Novo Nordisk."
Contacts for further information:
Mike Rulis Klaus Bülow Davidsen
Tel: (+45) 4442 3573 Tel: (+45) 4442 3176
Frank Daniel Mersebach
Tel: (+45) 4442 0604
Lars Borup Jacobsen
Tel: (+45) 3075 3479
In North America
Ken Inchausti Jannick Lindegaard
Tel: (+1) 609 786 8316 Tel: (+1) 609 786 4575
Company Announcement no 7 / 201
Posted: February 2012