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Novo Nordisk: Financial Statement for the Period 1 January 2007 to30 June 2007

Novo Nordisk increased first half-year operating profit by 14% and raises the expectation for 2007 operating profit growth to around 10%
  • Novo Nordisk increased sales by 14% in local currencies and - due to a significant negative currency development - by 9% in Danish kroner. 
  • Sales of modern insulins increased by 37% (31% in Danish kroner).
  • Sales of NovoSeven® increased by 11% (5% in Danish kroner).
  • Sales of Norditropin® increased by 13% (7% in Danish kroner).
  • Sales in North America increased by 25% (16% in Danish kroner).
  • Gross margin increased to 77.0% in the first six months of 2007 up from 75.0% in the same period last year, primarily reflecting continued productivity improvements.
  • Operating profit increased by 14% to DKK 5,134 million. Adjusted for the impact from currencies underlying operating profit increased by around 25%.
  • Net profit increased by 81% to DKK 5,361 million, primarily reflecting the divestment of Dako's business activities. Earnings per share (diluted) increased by 84% to DKK 16.76.
  • The full-year expectation for operating profit growth is now around 10%, primarily reflecting a sustainable improvement in gross margin. Measured in local currencies the expectation for full-year operating profit growth is now increased to around 20%.  
  • Novo Nordisk has announced very positive results from the first phase 3 study with liraglutide, a human GLP-1 analogue, showing that liraglutide is statistically superior to insulin glargine in terms of blood glucose control and weight loss.
COPENHAGEN, Aug. 3, 2007-Lars Rebien Sørensen, president and CEO, said: "The business continues to perform very well with robust sales growth and a sustained improvement in our gross margin. We are also very pleased with the first phase 3 results on liraglutide which are expected to be supported by results from additional phase 3 studies during the following months."
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Posted: August 2007

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