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Novo's Q2 profit up 17 per cent

Novo Nordisk has reported a net profit of 4.13bn DKK in its financial results for the second quarter of 2011, with strong sales of diabetes drug Victoza driving the company's performance

Novo Nordisk has reported a net profit of 4.13bn DKK in its financial results for the second quarter of 2011, an increase of 17 per cent from figures recorded over the same period in 2010.

The Denmark-based company managed to increase sales by 4 per cent, making 16.00bn DKK for the quarter, with its diabetes products comprising the bulk of this figure.

Type 2 diabetes drug, Victoza (liraglutide) was an especially strong performer for the company, making 1.25bn DKK with sales increasing by 322 per cent. The drug was approved in the EU in July 2009 and in the US in January 2010.

This helped counter declining sales in human insulins, with revenue for related products down by 15 per cent.

Overall, diabetes products made 12.04bn DKK during the second quarter, an increase of 5 per cent.

As well as increased total sales, Novo decreased its financial expenses significantly (by 71 per cent) and reduced R&D costs by over 100m DKK.

Half-year figures were similarly positive, with sales up by 9 per cent to 31.69bn DKK and net profit rising to 8.21bn DKK.

Lars Rebien Sørensen, president and CEO, Novo, said he was "satisified" with the company's performance, and announced the financial outlook for 2011 would adjusted upwards.

4th August 2011

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