Interim financial report for the period 1 January 2010 to 30 September 2010 (28 October 2010)

Read the full announcement in PDF format

Novo Nordisk's operating profit up by 24% in the first nine months of 2010

Sales grew by 17% driven by Victoza®, NovoRapid® and Levemir®

  • Sales increased by 17% in Danish kroner and by 12% in local currencies.
  • Sales of modern insulins increased by 24% (18% in local currencies).
  • Sales of NovoSeven® increased by 13% (9% in local currencies).
  • Sales of Norditropin® increased by 10% (6% in local currencies).
  • Sales in North America increased by 26% (21% in local currencies).
  • Sales in International Operations increased by 23% (15% in local currencies).

Gross margin improved by 1.3 percentage points in Danish kroner to 80.8% in the first nine months of 2010, primarily reflecting a positive product mix development.

Reported operating profit increased by 24% to DKK 14,547 million. Adjusted for the impact from currencies, operating profit in local currencies increased by around 15%.

Net profit increased by 24% to DKK 10,457 million. Earnings per share (diluted) increased by 28% to DKK 17.78.

In the second phase 3a study for DegludecPlus, the trial results document at least similar glycaemic control compared to NovoMix® 30 and with a reduced rate of hypoglycaemia. The first phase 3a study for Degludec, the new generation ultra long-acting basal insulin, shows the potential for Degludec to provide dosing flexibility without compromising the glycaemic control or safety profile.

In the first phase 3 study with liraglutide in obesity, patients treated for 56 weeks with liraglutide lost 6 kg more than patients in the placebo group. Two additional phase 3 studies will be initiated in the first half of 2011.

The guidance for 2010 has been raised: sales growth measured in local currencies is now expected to be 11-12%, and operating profit growth measured in local currencies is now expected to be more than 15%.

Lars Rebien Sørensen, president and CEO: "We are increasing our guidance for 2010 based on the continued double-digit sales growth from Victoza®, NovoRapid® and Levemir®. We are also encouraged by the latest results from the phase 3a trials with DegludecPlus and Degludec, our two new generation insulins and by the progress made within our haemophilia pipeline."

Contacts for further information:

Media: Investors:
Mike Rulis Klaus Bülow Davidsen
Tel: (+45) 4442 3573 Tel: (+45) 4442 3176
  Kasper Roseeuw Poulsen
  Tel: (+45) 4442 4471
  Jannick Lindegaard
  Tel: (+45) 4442 4765
In North America: In North America
Lori Moore Hans Rommer
Tel: (+1) 609 919 7991 Tel: (+1) 609 919 7937

Company Announcement no 60 / 2010

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