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Novo Nordisk: Financial statement for the period 1 January 2007 to 31 March 2007 (2 May 2007)

Novo Nordisk increased first quarter operating profit by 24%  driven by double-digit sales growth and gross margin improvements
  • Despite a significant negative currency development, Novo Nordisk reported 10% sales growth (16% in local currencies)
          o Sales of modern insulins increased by 32%
             (39% in local currencies).
          o Sales of NovoSeven® increased by 12%
             (18% in local currencies).
          o Sales of Norditropin® increased by 11%
             (16% in local currencies).
          o Sales in North America increased by 16%
             (27% 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.
COPENHAGEN, May 2, 2007-Lars Rebien Sørensen, president and CEO, said: "We are pleased with the solid sales growth that we have seen in the first quarter of 2007 despite the depreciation of key invoicing currencies. The US modern insulin market is a significant growth driver and we expect the US growth to continue supported by the expanded US sales force which will be in the field by the end of the second quarter."

Posted: May 2007