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Novo's profit up on Victoza

Novo Nordisk's net profit increased by 17 per cent for the third quarter of 2011, boosted by strong sales for diabetes therapy Victoza

Novo Nordisk's net profit increased by 17 per cent for the third quarter of 2011, boosted by strong sales for diabetes therapy Victoza (liraglutide).

The Denmark-based pharmaceutical company had net income of 4.20bn DKK for the period, increasing from 3.59bn DKK in 2010.

Sales of Victoza, part of a diabetes drug class known as GLP-1 analogues, were up by 121 per cent, achieving revenue of 1.56bn DKK worldwide. Sales of modern insulins NovoRapid and Levemir were also strong.

This countered declining sales in both oral antidiabetec products and human insulins, down by 24 per cent and 9 per cent respectively.

Total revenue for the company was 16.53bn DKK, an increase of 6 per cent from 2010.

Novo now expects sales growth in 2011 of 10-11 per cent measured in local currencies. This is based on expectations for the company's key products, as well as expectations for continued intense competition, generic competition to oral antidiabetic products, and negative impact from the implementation of healthcare reforms primarily in the US and Europe.

31st October 2011

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