Novo Nordisk Interim Financial Report for nine months ending 30 September 2009
Novo Nordisk increased operating profit by 30% in the first nine months of 2009
Sales increased by 15% in Danish kroner and by 11% in local currencies.
o Sales of modern insulins increased by 28% (24% in local currencies).
o Sales of NovoSeven® increased by 15% (11% in local currencies).
o Sales of Norditropin® increased by 15% (9% in local currencies).
o Sales in North America increased by 29% (17% in local currencies).
o Sales in International Operations increased by 18% (16% in local currencies).
Gross margin improved by 2.5 percentage points to 79.5% in the first nine months of 2009, primarily reflecting continued productivity improvements and a positive currency impact of around 1 percentage point.
Reported operating profit increased by 30% to DKK 11,714 million. Adjusted for the impact from currencies and non-recurring costs in 2008 related to the discontinuation of all pulmonary delivery projects, underlying operating profit increased by around 15%.
Net profit increased by 15% to DKK 8,445 million. Earnings per share (diluted) increased by 18% to DKK 13.90.
Novo Nordisk continues the constructive dialogue with the United States Food and Drug Administration (FDA) regarding the regulatory process for liraglutide. Formal feedback from the FDA regarding liraglutide, a once-daily human GLP-1 analogue, is still expected in the fourth quarter of 2009.
For 2009, expectations for growth in operating profit measured in local currencies are increased to around 15% and reported operating profit growth is now expected to be around 3 percentage points higher than the operating profit growth in local currencies.
Lars Rebien Sørensen, president and CEO, said: "The robust sales growth for our portfolio of modern insulins is the key driver of the solid business performance in the first nine months of 2009. The launch of Victoza in Europe is progressing well and we are seeing strong in-market penetration in the first-wave launch countries, Germany, the United Kingdom and Denmark."
Posted: October 2009
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