Novo Nordisk 3Q Profit up 3%, Raises Outlook
Thu, 10/29/2009 - 4:41am
COPENHAGEN (AP) — Novo Nordisk A/S, the world's top producer of insulin, on Thursday said stronger sales helped boost its third-quarter profit by 3 percent and raised its full-year outlook. The company said net profit in July through September reached 2.76 billion kroner (548 million), up from 2.67 billion kroner in the same period in 2008. Sales increased 12 percent to 12.5 billion kroner ($248 million) from 11.2 billion kroner. Novo Nordisk upgraded its forecast for operating profit growth in 2009 to 15 percent, from an earlier forecast of between 12 and 14 percent. "The robust sales growth for our portfolio of modern insulins is the key driver of the solid business performance in the first nine months of 2009," CEO Lars Rebien Soerensen said. Rebien Soerensen added the launch of new diabetes drug Victoza in Europe "was progressing well." Still, Novo Nordisk shares slipped 3.2 percent to 320 kroner ($63) in morning trading in Copenhagen. Headquartered in Copenhagen, Novo Nordisk employs 28,000 people in 81 countries.