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Novo Nordisk profits up 4%, buoyed by Victoza and Levemir

But expects net loss for 2014 from currency impact

Novo Nordisk headquarters

Novo Nordisk saw single-digit profit growth in the first nine months of this year but expects to post a loss for the full year.

The Danish pharma company's net profits rose 4% to DKK 20bn (about €2.7bn), driven by its established diabetes brands Victoza (liraglutide) and Levemir (insulin detemir).

Sales increased to DKK 64.2bn (€8.6bn) - up 8% in local currencies and by 4% in Danish kroner - compared to the same period last year.

Other significant sales include that of modern insulin, which increased by 13%, sales in the China region, up 14%, and international operations increased by 13%.

Lars Rebien Sørensen, CEO at Novo Nordisk, said: “We are satisfied with the financial results for the first nine months of 2014. In the US, Levemir continues to perform well and with the approval of Xultophy in Europe, we now look forward to launching this product in the first half of 2015.”

For the full year Novo expects local currency sales growth to rise by 7-9% and operating profit growth to stand at around 10%.

However the company warned it now expects a net financial loss of around DKK 150m (€20m) - primarily as a result of losses associated with foreign exchange hedging contracts. These performed worse than expected, following the recent appreciation of the US dollar versus the Danish krone compared to the average prevailing exchange rates in 2013.

Article by
Kirstie Pickering

31st October 2014

From: Sales

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