Novo Nordisk increased operating profit by 12% in the first nine months of 2011

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

Sales increased by 11% in local currencies and by 8% in Danish kroner.

• Sales of modern insulins increased by 11% (7% in Danish kroner).
• Victoza® sales of DKK 3,895 million (growth of 185% in Danish kroner).
• Sales of NovoSeven® increased by 7% (3% in Danish kroner).
• Sales in North America increased by 17% (10% in Danish kroner).
• Sales in International Operations increased by 16% (12% in Danish kroner).

Gross margin improved by 0.2 percentage point 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 by 0.4 percentage points to 80.4%.

Reported operating profit increased by 12% to DKK 16,293 million. In local currencies, operating profit increased by approximately 18%.

Net profit increased by 19% to DKK 12,408 million. Earnings per share (diluted) increased by 22% to DKK 21.66.  

Novo Nordisk submitted the regulatory dossiers for the new generation of insulins, Degludec and DegludecPlus, to the European and US regulatory authorities in September 2011.

The outlook for 2011 has been updated: sales growth measured in local currencies is now expected to be 10-11% (previously 9-11%), and operating profit growth measured in local currencies is now expected to be 17-19% (previously 15-19%). 

The preliminary outlook for 2012 indicates high single-digit sales growth and operating profit growth of close to 10%, both measured in local currencies. The outlook is associated with unusual uncertainty given the challenging financial situation in major countries around the world. The outlook for operating profit furthermore reflects costs related to the expected launch of Degludec.

Lars Rebien Sørensen, president and CEO: "We are pleased to see our key products, NovoRapid®, Levemir® and Victoza®, continue to drive strong underlying sales growth. The filing of our new-generation insulins, ultra-long-acting Degludec and DegludecPlus, in the US and Europe is a major milestone in the expansion of our leadership in diabetes care."

Further information:

Company Announcement no 67 / 2011