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Profit jump for Novo Nordisk

Novo Nordisk has reported a net profit of 19 per cent for the second quarter of the year driven by a strong insulins performance

Danish pharmaceutical company Novo Nordisk has reported a net profit of 19 per cent for the second quarter of the year.

Profits rose from 2.99bn DKK in 2009 for the Q2 period to 3.55bn DKK for the company in 2010, helped by an increase in sales of 18 per cent. Revenue for Q2 2010 was reported at 15.39bn DKK, improving on 13.00bn DKK in 2009.

Lars Rebien Sørensen, president and CEO of the company said: "The underlying business growth is solid, driven by our portfolio of modern insulins and Victoza (liraglutide), and we therefore raise our guidance for 2010. We are also very encouraged by the continued progress within our pipeline including both new insulins (degludec and degludecplus), liraglutide for obesity and haemostasis projects."

Victoza achieved 27 per cent market share in the US for glucagon-like peptide-1 (GLP-1) medicines to treat diabetes following its US Food and Drug Administration (FDA) approval in January, 2010. There were further launches for the drug in Japan and Canada. With Victoza's US success, the company was able to increase total North American sales by 27 per cent.

Novo's other diabetes medicines all performed well too with the company's modern insulins seeing growth of 25 per cent for the quarter, with revenue up to 6.79bn DKK. Human insulins made 3.10bn DKK – an increase of 8 per cent.

The company's raised guidance following the successful period now forecasts sales growth of between nine and 10 per cent for the year, with operating profit expected to grow between 12 and 15 per cent.

5th August 2010

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