Novo Nordisk increased operating profit by 13% in the first six months of 2011 (4 August 2011)

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Sales growth of 11% in local currencies driven by Victoza®, NovoRapid® and Levemir®  

Sales increased by 11% in local currencies and by 9% in Danish kroner.

  • Sales of modern insulins increased by 10% (8% in Danish kroner).
  • Victoza® sales of DKK 2,348 million (growth of 253% in Danish kroner).
  • Sales of NovoSeven® increased by 5% (3% in Danish kroner).
  • Sales in North America increased by 15% (9% in Danish kroner).
  • Sales in Region China increased by 22% (20% in Danish kroner).

Gross margin improved by 0.3 percentage points in local currencies, reflecting a favourable product mix development due to increased sales of modern insulin versus lower human insulin sales. Measured in Danish kroner, the gross margin declined slightly with 0.1 percentage point to 80.4%.

Reported operating profit increased by 13% to DKK 10,683 million. In local currencies, operating profit increased by approximately 17%.

Net profit increased by 19% to DKK 8,207 million. Earnings per share (diluted) increased by 23% to DKK 14.27.

Significant progress has been achieved for the clinical development pipeline. Phase 3a programmes have been initiated for the following three product candidates: a fixed-ratio insulin/GLP-1 combination for type 2 diabetes, a fast-acting recombinant factor VIIa analogue for haemophilia patients with inhibitors, and a long-acting recombinant factor IX for haemophilia B. Further, two phase 3a trials investigating liraglutide for obesity have been initiated.

The outlook for 2011 has improved: sales growth measured in local currencies is now expected to be 9-11% (previously 8-10%), and operating profit growth measured in local currencies is now expected to be 15-19% (previously around 15%).

Lars Rebien Sørensen, president and CEO: "We are satisfied with the results of the first six months with 11% underlying sales growth driven by Victoza® and our modern insulins. This leads us to raise the outlook for the full year results."

Further information:

Media: Investors:
Mike Rulis Klaus Bülow Davidsen
Tel: (+45) 4442 3573 Tel: (+45) 4442 3176
  Jannick Lindegaard
  Tel: (+45) 4442 4765
  Frank Daniel Mersebach
  Tel: (+45) 4442 0604
In North America  
Ken Inchausti Lars Borup Jacobsen
Tel: (+1) 609 786 8316 Tel: (+45) 3075 3479

Company Announcement no 46 / 2011

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