Novo Nordisk Posts Rise In Profit

Novo Nordisk A/S

reported an increase in its third-quarter profit. The company's quarterly net profit climbed to 6.50 billion Danish kroner ($1.1 billion), versus a year-ago profit of 6.42 billion kroner. Its operating profit rose 11% in local currencies and by 5% in Danish kroner to 25.3 billion kroner. Its revenue climbed 8.5% to 22.25 billion kroner versus 20.51 billion kroner. During the first nine months, the company's sales gained 8% in local currencies and by 4% in Danish kroner to DKK 64.2 billion. Sales of modern insulin gained 13% in local currencies, while sales of Victoza surged 15%. Sales in North America jumped 11% in local currencies, while sales in international operations rose 13%. Sales in region China jumped 14% in local currencies. For 2014, the company now projects sales in local currencies to rise by 7% to 9%. The company had earlier projected growth of 7% to 10%. The company maintained its operating profit growth outlook of around 10% for the full year. Lars Rebien Sørensen, CEO 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." Novo Nordisk shares rose 0.02% to close at $43.51 yesterday.